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UK services PMI seen sliding to 59.5 in September - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts expect a slightly smaller drop in the September UK services PMI than market consensus, to 59.5 vs 59.0 expected.

Key quotes

"Unlike the pullback in the Manufacturing PMI, the Services PMI is one of the data releases that seem oblivious to the slowdown in other UK and global data."

"Developments over the last month imply a fall of about half a point and we think the head-line has overshot by about two points over the last two months."

"So while we expect a slightly smaller decline than consensus from 60.5 to 59.5 (exp: 59.0), similar to the ongoing stability in the Construction PMI, we are very much wary that this release is at risk of a shocking decline."

"This is further supported by last month’s de-tails, where all of the subcomponents softened with confidence at its lowest level in 15 months, new orders and backlogs of work at their lowest levels in 3m, and employment growth at its weakest since March."

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