UK services PMI signals widening expansion in March

UK services PMI signals widening expansion in March

U.K. services PMI showed a widening expansion in March, offsetting the retreat in both manufacturing and construction.

Markit’s services Purchasing Managers’ Index edged up to 55.0 last month from 53.3 in February, coming above forecasts of 53.5.

Construction PMI slipped to 55.2 in March from 52.5 in February, while manufacturing PMI eased growth to 54.2 in March from a revised of 54.5 a month earlier.

Any reading below 50 means contraction and the opposite is true.

As of 12:06 GMT, the pound traded higher for the first time in three sessions at 1.2471 against the U.S. dollar after opening today’s trades at 1.2437.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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