PMI of the UK in an hour!
Dear traders,
In an hour, at 11:30 (Kiev), a report on the leading services sector of Great Britain will be published. According to the forecasts, the PMI index will drop to 55.0 after the previous month’s value of 55.6.
The index of business activity in the PMI services sector of the British Royal Chartered Institute of Procurement and Supply (CIPS) measures the level of activity of purchasing managers in the services sector.
Any values above 50 indicate an extension, while values below 50 indicate a reduction.
Traders carefully study these studies, since purchasing managers usually get early access to data about their company’s performance, which can be a leading indicator of the overall state of the economy.
Indicators higher than expected, are considered as positive/bullish direction of GBP, and indicators below expected indicate a negative/bearish market for GBP.
The attention will be also paid to the politics in Europe, especially to the negotiations on Brexit, which entered a crucial phase.
Last month, the Bank of England raised interest rate for the first time in the last ten years, but said it plans only a gradual increase in its growth, while the UK is preparing to withdraw from the EU.
Use the opportunity to make money on the news!
Good luck, Gentlemen!
We remind you that you can always get acquainted with upcoming news in the Economic Calendar, as well as in the daily market review on our official YouTube channel.
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