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The pound receives a further boost
Published: 6 Jun at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy,
The pound received a further boost yesterday after the publication of better than expected UK services sector data as the sector expanded at its fastest rate in more than three years.
The Markit/CIPS Purchasing Managers' Index (PMI) for services climbed from the 52.9 reading in April to 54.9 in May, its strongest reading since March 2012.
A figure above 50 indicates growth in the UK economy.
Chris Williamson, Chief Economist at Markit said "The UK economy has moved up a gear with all cylinders now firing. For the first time in a year, manufacturing, services and construction sectors are all now reporting higher levels of activity. The data suggest that economic growth will have picked up in the second quarter compared to the 0.3% increase in GDP [gross domestic product] seen in the first quarter, shaping up to reach 0.5% if June sees sustained growth.”
The pound is now trading at its highest level since October 2010 against the Australian dollar and is at multi-month highs against a host of other currencies.
In the US, data out from payroll processor Automatic Data Processing showed that private-sector employers added a lower than expected 135,000 jobs in May. Analysts had forecast a 170,000 increase in private jobs. The ADP jobs figures are seen as an indicator ahead of the more widely watched non-farm payrolls report due out tomorrow. The US dollar fell heavily after the publication of these figures.
The International Monetary Fund has admitted that it failed to realised the damage that austerity would do to Greece, prompting Athens to claim that the price exacted for the €110 billion bailout was too high.
Today sees the latest policy announcements from both the Bank of England and the European Central Bank so volatility is expected.
The Markit/CIPS Purchasing Managers' Index (PMI) for services climbed from the 52.9 reading in April to 54.9 in May, its strongest reading since March 2012.
A figure above 50 indicates growth in the UK economy.
Chris Williamson, Chief Economist at Markit said "The UK economy has moved up a gear with all cylinders now firing. For the first time in a year, manufacturing, services and construction sectors are all now reporting higher levels of activity. The data suggest that economic growth will have picked up in the second quarter compared to the 0.3% increase in GDP [gross domestic product] seen in the first quarter, shaping up to reach 0.5% if June sees sustained growth.”
The pound is now trading at its highest level since October 2010 against the Australian dollar and is at multi-month highs against a host of other currencies.
In the US, data out from payroll processor Automatic Data Processing showed that private-sector employers added a lower than expected 135,000 jobs in May. Analysts had forecast a 170,000 increase in private jobs. The ADP jobs figures are seen as an indicator ahead of the more widely watched non-farm payrolls report due out tomorrow. The US dollar fell heavily after the publication of these figures.
The International Monetary Fund has admitted that it failed to realised the damage that austerity would do to Greece, prompting Athens to claim that the price exacted for the €110 billion bailout was too high.
Today sees the latest policy announcements from both the Bank of England and the European Central Bank so volatility is expected.
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Source: moneytransfer.co.uk