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At 56.2 this morning’s services reading continued the trend seen this week of the UK’s PMIs far exceeding expectations; that figure is also a 17 month peak, though analysts were quick to point out they don’t see this positive momentum being maintained for much longer. Regardless, the news was more a boost to the pound than the FTSE, helping the former ease its losses against the dollar and euro while taking the latter away from its record highs. The UK index hasn’t fallen too far away from its peak, however, largely thanks to the Persimmon-driven gains seen in the housing sector.

After a negative start the Eurozone indices have managed to crawl back to where they started the day. This recovery seems to be down to the euro seeing its own gains dissipate; the currency is now only up 0.3% after having taken nearly 1% off of sterling earlier in the morning.

Looking to the US open and the Dow Jones is set for a flat start to the session, the futures pointing having the index unchanged at 19930. Of course, that is still achingly, frustratingly close to 20000, a level if could perhaps reach if this afternoon’s pair of services PMIs come in better than expected –the Markit reading is forecast at 53.4, while the ISM number is set to drop from 57.2 to 56.6 month-on-month.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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