October 2017 UK Markit/CIPS services PMI 03 November 2017

  • Prior 53.6
  • Prices charged 54.2 vs 53.9 prior. Highest since Apr
  • Composite 55.8 vs 53.8 exp. Prior 54.1
  • Employment 52.6 vs 53.2 prior/. Lowest since Mar
  • Markit say the data is consistent with UK GDP at 0.5% q/q

GBPUSD has another walk up towards the 100 DMA at 1.3081, reaching as far as 1.3075.

An interesting note on prices;

Input prices continued to rise sharply at service sector firms in October. This was linked to a variety of expenses, including higher food prices, energy bills, transport costs and staff salaries. However, the overall rate of input cost inflation eased to its lowest in over a year. Meanwhile, prices charged inflation continued to rise in October, reaching a six-month high.

That could mean we’ll start to see better wage numbers from the labour data.


Ryan Littlestone

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