UK economic data has been strong this week, but Pound Sterling has shown little inclination to react.
Foreign exchange markets will be watching the outcome of the release of UK service sector PMI data due for release at 09:30 on Wednesday, April 5.
Pound Sterling exchange rates will take a cue from the release of data concerning the all-important UK services sector on Friday, March 3.
This is the big one - the services PMI tends to have more of an impact on markets because the service sector accounts for more than 80% of the UK economy.
Services PMI data released on Monday November 5 caps the strong start to the month for UK Economy and ensures 2016 will end on a positive note.
Pound Sterling nudged higher on Thursday October 3rd following the release of better-than-forecast Services PMI data from Markit and the CIPS.
Despite GBP falling yet further on Wednesday we are hearing increased chatter that the sell-off is potentially now overdone. But a trigger is required to stimulate any kind of recovery.
The new week kicks off with market focus turning to the release of the IHS Markit and the CIPS Services PMI.
For GBP, the focus in mid-week trade will be the outcome of the release of the Service PMI reading from Markit and the CIPS.
The GBP/EUR pair declined on Friday after Manufacturing and Services PMI for both the UK and Eurozone, were released and the UK data underperformed.
The British pound is mixed on Friday as the UK’s all-important service sector continues to grow despite the impending June 23rd EU referendum.
The Bank of England will surely have to take note of the fact UK prices are rising at a rate that is subduing economic growth.
GBP has turned lower against the euro and questions are now being asked as to whether the currency pair could fall below its lowest levels of 2016 over coming weeks.
GBP/USD has been moving broadly sideways since the January lows, tracing out a rough range between 1.38 and 1.46.
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