On May 5th at 8:30GMT another monthly Services PMI report was released (this time for April)
Previous value: 57.1 Forecast: 55.8
Services PMI is the indicator that makes it possible to see how numerous companies of the British service sector are doing (the focus is always on the financial sector).
Taking into account that London is one of the world financial centers the released data usually have a significant impact on the currency market (sometimes the impact can be delayed).
Together with “Official Bank Rate” and “BoE’s Asset Purchases” the index can cause significant intraday fluctuations of the British Pound exchange rate and determine the direction of the currency price movement for a couple of days.
Consequently, Forex traders rate the index as “significant”.
As a rule the index and the British currency change their values in the same direction.
The data are published on the 3rd working day of every month following the reporting one.
