The headline PMI in the services sector for the UK fell by 2.7 points to print an index reading of 53.3 missing estimates of 56.0 and down from the previous month's reading of 55.6. The combined PMI data from manufacturing, construction and services experienced a quarterly decline to 52.7 from the previous quarter’s 55.4 average. The services sector in particular which had hitherto been a strong leader in the PMI's showed signs of decelerating which is likely to be considered in future Bank of England meetings on the timing of rate hikes and also a key factor in MPC members voting in favor of rate hikes. With the next policy meeting set for Thursday, the British Pound has thusfar failed to capitalize on a weaker Greenback after posting a 4-day high near 1.5239, declining back towards lows of 1.5139.
Yen Pares Gains
Daily Analysis - 06/10/2015