The purchasing managers’ index for the services sector was expected to tick down to 53.3 points in October from 53.6 in September. This is the third, last, and most important PMI: services is the largest sector.
GBP/USD was extending its falls, trading around 1.3045. Support awaits at 1.3030 and resistance at 1.3085.
Sterling fell to this low range after the BOE’s dovish hike. Mark Carney and his colleagues decided to raise the interest rate back to 0.50%, undoing the emergency rate cut following the Brexit vote in 2016. However, its forecasts and intentions point to only two more hikes within three years. This is much more gradual than the path of the Federal Reserve.
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