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.
-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:
The full Markit/CIPS press release can be found here.