- The final UK services PMI is revised up to 59.1 in October.
- GBP / USD remains above 1.3600 following UK data.
- The focus is on the ISM services PMI and the ADP report ahead of the critical Fed decision.
UK service sector activity expanded more than expected in October, as confirmed by the IHS Markit final report on Wednesday.
The Purchasing Managers Index Seasonally adjusted services and IHS Markit / CIPS PMI was revised sharply up to 59.1 points in October compared to the 58.0 expected and the 58.0 of the previous month.
Key points
It is the fastest increase in business activity for three months.
Cost inflation is accelerating to its strongest level in more than 25 years.
Average prices charged are increasing at a record pace.
Tim Moore, Economic Director of IHS Markit
“The more flexible international travel restrictions and greater internal mobility helped lift the UK service sector recovery from its recent malaise in October. Business activity expanded at the fastest pace since July, driven by the first acceleration in new order growth in five months. The latest survey also pointed to the best month for export sales since June 2018. “
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