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UK PMI service sector PMI data beats forecast- GBP/USD unimpressed so far
The UK February flash PMI readings on Manufacturing and Services (and composite) have just been released. The service sector PMI was forecast to remain unchanged, at 50.8. It has actually risen to 51.1. However, the manufacturing index has missed on estimates, not that is of much a surprise to the markets. The Pound has not really moved on this data, which is perhaps a little surprising, given it was positive overall. The EUR/USD is a little lower though and that might be the reason for the Pound being unable to advance on the news? Perhaps the data was simply not good enough to enthuse? We shall have to see on that as the session develops. The GBP/USD is right now at 1.2650
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