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While No One was Looking, UK Economy Picks Up

Posted by WorldWideMarkets . on Aug 6, 2013 3:42:00 AM
Monday's release of purchasing managers' indices indicated that the UK services sector grew at its fastest pace in more than six years in July with a print of 60.2, bearing out the high forecast of 58 as well as the average consensus of 57.2, as well as the composite print of 50.5 for the euro zone. The euro zone was a rise for the first time in 18 months on the back of a slight increase in manufacturing but it was the UK growth that took everyone by surprise. Prime Minister David Cameron must have been a happy man after months of angry backlash. Sterling was up against the dollar as New York trading opened and stayed there.  With only three days of trading for the month, it’s the third best performing currency against the dollar with a 0.8 percent rise after the Korean won, 0.9 percent, and the Canadian dollar, 1.2 percent. Sterling’s gains against the dollar on Monday also pushed it convincingly through the 14-, 50- and 100-day simple moving averages which now becom support. pound trading

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