Service Sector Largest Economic Sector for the UK
Published: Monday 05 October 2015
Earlier this morning we had UK services Purchasing Managers Index (PMI) for September with the service sector being the largest economic sector for the UK it holds reasonable importance although is still mid-tier data, the figure was expected to come out at 56, it disappointed coming out at 53.3 underperforming by quite a bit. As a result the pound has been under pressure and is generally slightly softer across the board.
Mid-morning, Eurozone retail sales year-on-year for August were released, of which came out positively for the euro, expected at 1.7% actually 2.3%. Off the back of this, the euro gained some ground although throughout the course of the morning the pound has gained back the earlier losses. Major currencies are continuing to trade in tight ranges though.
This afternoon we have ISM non-manufacturing, expected slightly worse at 57.5 from a previous figure of 59 with the outcome expected to have an immediate impact upon the dollar. Overnight we have the first of this week’s central bank decision with the Reserve Bank of Australia (RBA) rate decision.