The UK services sector activity witnessed an unexpected upturn in the month of February, the latest survey report from Markit Economics showed this Tuesday.

The headline seasonally adjusted IHS Markit/CIPS UK Services PMI Index jumped to 51.3 in February vs. 50.1 booked in the previous month while surprising the markets to the upside (49.9 expected).

Key Points:

Modest upturn in service sector output in February.

Slight fall in new work.

Staffing levels drop to greatest extent for over seven years.

Chris Williamson, Chief Business Economist at IHS Markit, which compiles the survey, noted:

 “The latest PMI surveys indicate that the UK economy remained close to stagnation in February, despite a flurry of activity in many sectors ahead of the UK’s scheduled departure from the EU. The data suggest the economy is on course to grow by just 0.1% in the first quarter.”

“Worse may be to come when pre-Brexit preparatory activities move into reverse. Many Brexit-related headwinds and uncertainties also look set to linger in coming months even in the case of PM May’s deal going through. Global economic growth meanwhile remains sluggish, adding an increasingly gloomy backdrop to the UK’s current problems.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD regains 0.6500 ahead of RBA’s decision

AUD/USD regains 0.6500 ahead of RBA’s decision

The AUD/USD pair trades around 0.6510, underpinned by the broad greenback’s weakness and substantial gains on Wall Street. Market players now await the Reserve Bank of Australia monetary policy decision.

AUD/USD News

EUR/USD holds on to gains above 0.9800

EUR/USD holds on to gains above 0.9800

The EUR/USD pair trades around 0.9820, marginally higher amid a better market mood. Tepid EU data put a cap on the shared currency alongside persistent tensions with Russia over energy deliveries.

EUR/USD News

Gold bulls aim to challenge the $1,700 threshold

Gold bulls aim to challenge the $1,700 threshold

Gold picked up momentum after Wall Street’s opening, and runs above $1,690.00 a troy ounce, trading at its highest in three weeks. The greenback sheds ground on the back of the better performance of equities, coupled with tepid US data.

Gold News

Cardano could be set for 12% gains just this week alone

Cardano could be set for 12% gains just this week alone

ADA could set itself up this week for a perfect opportunity to go long in a bear market. Markets may experience some risk-on this week, with markets potentially set to jump, and equities and a weaker dollar offering some room for cryptocurrencies to rally in.

Read more

Who sabotaged the Nordstream pipelines?

Who sabotaged the Nordstream pipelines?

Putin said it would be stupid for Russia to have done it. And he’s right. If nothing else, Gazprom would be in breach of contract, not that contracts are respected in Russia. On the principle of cui bono (who benefits), the saboteur could be someone pro-nuclear, or maybe a coal mining company, or a climate denier, or some 5th column pro-Russia gang from within W.

Read more

Forex MAJORS

Cryptocurrencies

Signatures