Blog


UK Services Data Disappoints

Sterling gained slightly yesterday after positive manufacturing data however the negative numbers continued this morning after a major survey showed Britain’s services sector struggled to recover in April from a sharp slowdown in March, further squeezing expectations of an interest rate hike next week.

The IHS Markit/CIPS services purchasing managers’ index rose to 52.8 in April from March’s 20-month low of 51.7, a smaller increase than the estimates 53.5 and its second-lowest level since September 2016.

The dollar remained supported after the Federal Reserve indicated that it is on track to keep gradually raising interest rates, including at its June meeting.

The Fed, in a statement released, acknowledged a recent pick-up in inflation but gave no indication that it will accelerate the pace of rate increases in response.

The statement did little to alter market expectations that the Fed will deliver its second rate increase of the year when it meets in June.

Leave a Reply

Your email address will not be published. Required fields are marked *

What's Going On?

Currencies 4 You Ltd is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House Victory Way Admirals Park, Crossway, Dartford, Kent, DA2 6QD. Currencies 4 You Ltd Payment and Foreign Currency Exchange Services are provided by Currency Cloud Limited, Equals Connect Limited and Ebury Partners UK Limited. Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 900199. Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508). Currencies 4 You Ltd is partnered with Ebury Partners UK Limited as its Programme Mananger. Ebury Partners UK Limited are authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution. (Reference Number 900797). Ebury Partners UK Ltd is registered with the information commissioners office with registration number: ZA345828. | Terms and Conditions | Privacy Statement | Careers