The US dollar surged yesterday after the positive US data, but turned down today. Jump in to get a market wrap!
British services activity reports strongest surge so far in 2017
Activity in the British service sector reported its strongest ascend this year. Undoubtedly, it bolstered optimism over the UK economy due to the fact that the sector makes up nearly 80% of Britain’s GDP, as industry data disclosed on Wednesday.
In a recent report, market research group Markit told that the seasonally adjusted Markit/CIPS services purchasing managers’ index edged up to 55.0 the previous month from an outcome of 53.3 in February.
In addition to this, market experts had expected the index to ascend to 53.5.
By the way, on the index, a value above 50.0 stands for expansion in the industry, while a value below 50.0 drops a hint at contraction.
Markit pointed out that new work increased at rather a strong pace. At the same time job creation slowed.
Aside from that, the research company drew attention to the fact that the strongest prices since September 2008 powered inflation.
Australian Private Capital Expenditure will be out on Thursday at 2:30 MT time!
Oil jumped to March high, stocks are heading to record highs, while the US dollar is on the back foot.
News geeks get ready for the chain of US reports, which starts at 15:30 MT time on November 25!