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UK Services PMI Rises at Record Pace

Markit/CIPS UK Services PMI business activity rises at the fastest pace since May 1997.  This is a strong figure, which builds upon recent data points from the UK. Following the release Sterling rallied in the FX market, with cable trading back above the 1.60 handle.

Key points:

-The backlog of work increased pushing employment payrolls higher

-“Manufacturing, services and construction all continued to see very strong rates of expansion, pointing to an on-going broad-based upturn” Chris Williamson, Chief Economist at survey compilers Markit

-October UK Markit/CIPS services PMI 62.5 vs 59.8 expected

GBPUSD movement following the release:

GBPUSD Source: Abshire-Smith

The full Markit/CIPS press release can be found here

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