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Do you know that services sector accounts for 80% of the UK economy? British economy gets a lot from financial, IT and professional services. As a result, the country’s services index is even more important than its manufacturing index.
The UK services PMI will be out at 11:30 MT time on July 4. PMI stands for Purchasing Managers’ Index. It shows whether managers of British companies are optimistic or pessimistic about the future. A reading above 50.0 indicates industry expansion, while a reading below 50 indicates contraction. Traders also compare the actual index with its previous and forecast levels.
The difference between the forecast and the actual figure sets the currency market in motion. Many traders will open positions in GBP/USD and EUR/GBP after the release.
• If the data is greater than the forecast, the GBP will rise.
• If the data is weaker than the forecast, the GBP will go down.
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