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Strong UK Markit/CIPS UK Services PMI in July

Data released by Markit/CIPS, showed better than expected UK service sector Purchasing Managers Index (PMI).  In July Services PMI the figure was better than expected at  59.1, compared to Junes 57.6, with growth picking up pace.

Service sector employment growth continued, which should contribute towards better UK ILO Unemployment figures.

GBP

In the FX markets sterling rallied on the back of the strong figure, with GBPUSD trading to session highs just shy of 1.69. The likelihood is that the strength in Sterling will consolidate in throughout the morning, will this be the reverse of the 3 week down trend from, 1.7190?

GBPUSD Daily Chart 2014

On Monday the NIESR release their update of prospects for the UK economy, with predictions of growth of 3.0% in 2014, and slowing slightly to 2.3% in 2015. The highlight of their report is that they believe the unemployment rate will drop below 6% before the year end.  

Full release - Markit/CIPS UK Services PMI® (July)

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