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The Sterling rallied against the US Dollar in the wake ofthe report by Markit on the UK services industry. The GBP/USD exchange rate gained 27 base points or 0.19% to the 1.3816 mark to continue fluctuating in the 1.3810 area.
Britain's economy notably strenghtened its growth pace in February, following the prior month, ending the weakest period since the recession of 2009. According to the IHS Markit report, the UK Services PMI rate grew to 54.5, compared to 53.0 in the previous month, topping the estimate of 53.3. Economists believe Britain is likely to sustain its growth rate as of late 2017. However, the resistance from weak consumer spending and cautious investors could persist.
| Historical Data Table: UK Services PMI m/m | Economic Calendar for 06.03.2018 | ||||||||
| Date | 03.11.2017 | 05.12.2017 | 04.01.2018 | 05.02.2018 | 05.03.2018 | 12:30 AM | AUD Current Account | ||
| Actual | 55.6 | 53.8 | 54.2 | 53 | 54.5 | 3:30 AM | AUD RBA Rate Statement | ||
| Forecast | 53.3 | 55.2 | 54.1 | 54.1 | 53.3 | 6:15 PM | UK MPC Haldane Speaks | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| GBP/USD | 1.37902 | 1.38168 | 0.19% | GBP/USD | 49.53% | 50.47% | |||
| EUR/GBP | 0.89383 | 0.8919 | -0.22% | EUR/GBP | 26.87% | 73.13% | |||
| GBP/CAD | 1.77871 | 1.78106 | 0.13% | GBP/CAD | 31.80% | 68.20% | |||
| GBP/JPY | 145.49 | 145.881 | 0.27% | GBP/JPY | 62.26% | 37.74% | |||