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UK Services PMI February Misses Expectations

The latest indicator for the UK economy; Markit Services PMI (Feb) 56.7 vs consensus of 57.4, this follows beats in manufacturing data.  Following the release GBPUSD has been offered and weakened against the US dollar. Prior to the release GBP reached a new 7 year high against the Euro.

The figure service sector growth is still a strong figure, however it is slightly below expectations.  A positive from the data release was the that “new business increased at sharpest pace for three months”.

Inflation

Inflation has fallen to the lowest level since 1989, however the data release highlights that “input and output prices both increase at sharper rates.” This could be a signal of an uptick in inflation from the current levels.

GBPUSD: 1.5340  

Full Markit press release

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