The October reading of the UK Services PMI increased to 54.9, beating estimates of 54.6 while posting a strong increase from 53.5 previously where the PMI reading touched the lowest since April 2013. Combined with the manufacturing and construction PMIs, the October services PMI points to a robust increase which is likely to lead to stronger GDP growth in the fourth quarter. While the manufacturing and construction contributes to 14% and 6% of GDP respectively, the largest contribution comes from the services sector which amounts to 79% of GDP. In the third quarter, the preliminary estimate of UK’s GDP was seen to have expanded at 0.50%, falling below market expectations of 0.60% and down from 0.70% growth in the second quarter. EURGBP touched a new one-month low yesterday at 0.7061 as the single currency continues to remain weak on speculation of an ECB’s asset purchase expansion this December.