February 2018 UK Marlit/CIPS services PMI 5 March 2018

  • Prior 53.0
  • New orders 55.1 vs 53.3 prior
  • Markit says PMI points to Q1 growth of nearly 0.4% q/q

GBPUSD was under 1.3800 at 1.3785 but bounced to 1.3805 beore dipping back to 1.3797. That bounce to the highs earlier still looks suspicious.

Markit notes;

  • Business activity rises at fastest pace for four months
  • Strongest upturn in new work since May 2017
  • Input cost inflation lowest for a year-and-a-half

Despite pressure on operating expenses from higher staff salaries and transport costs, latest data indicated a moderation in input price inflation to its lowest since August 2016. Some firms noted that exchange-rate driven cost pressures had stabilised in recent months. Meanwhile, prices charged by service sector companies increased at the weakest rate for six months.

 

 

Ryan Littlestone
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