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UK: PMI Services expands to 51.8 in February

UK PMI Services increased to 51.8 points in February, from 51.5 points in January, according to data released today by Markit. Market consensus pointed to a drop to 51.0.

Chris Williamson, Chief Economist at Markit comments: “Faster growth of the dominant services sector offset downturns in manufacturing and construction during February, meaning the economy is likely to have grown for a second successive month after the downturn late last year.”

United Kingdom: Markit Services PMI (Feb): 51.8 vs 51.5 (Jan)

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Forex: GBP/USD jumps on surprising UK Services PMI

The event of the day for the GBP is the UK Services PMI. Much may be at stake here as the BoE meeting is this week and there is scope for more dovish action. The publication revealed a final reading of 51.8, higher than the expected 51.0 and the previous reading of 51.5. The GBP/USD already jumped to 1.5174, fully retracing last week's losses.
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