The IHS Markit services PMI for the UK has risen ten points in February, rising to 49.5 from the previous 39.5, being the best result seen by the sector in the last four months. However, the data has disappointed market expectations, which expected a rise to 49.7.
According to the IHS Markit statement, business activity appears almost stable in the second month of closure, while a slower decrease in staffing has been seen since the pandemic began. On the other hand, optimism continues to rise in response to the UK vaccination process.
GBP / USD reaction
GBP / USD has continued its upward path following the release of the UK PMI. The pair has risen close to 70 pips since the end of the Asian session, when it was trading at a daily low of 1.3937, and has reached new three-day highs at 1.4006 after the data. At time of writing, the pound is trading against the dollar over 1.3989, gaining 0.17% daily.
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