U.K Services PMI at 52.2

Wednesday, 5 October 2011 02:14

United Kingdom's Services PMI rose unexpectedly in September after an eight month August low of 51.1.  Economists expected an even larger drop to 50.6 after the big fall to 51.1, a low that hasn't been marked since January.

This indicator measures level of a diffusion index based on surveyed purchasing managers n the services industry; a figure above 50.0 indicated industry expansion.

Sterling strengthened about 80 pips down against the Euro.  The pair started falling before the news release, from 0.8635 to 0.8604 in time of the report; only to fall even further up until 0.8589.