UK services sector growth slowed to its lowest level in over two years last month according to the latest survey. The growth rate fell from 57.4 in July to 55.6 in August and although still positive as the level is above 50 it was the weakest data release since May 2013.
UK Manufacturing has also slowed recently and I think owing to the Pound having had a very good period against the Euro for the last quarter I am not surprised to see a slowdown for British manufacturing as exports have been too expensive recently.
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This will make it interesting for the Bank of England meeting due next Thursday and will likely push back any chances of an interest rate hike which could cause the Pound to drop at next week’s meeting. The Inflation rate is currently at just 0.1% which also means the BoE is less likely to make a change to monetary policy.
UK GDP figures are due out on Wednesday with the expectation for 0.7% for the last three months and I think we could see a bit of a slowdown which could harm Pound Sterling exchange rates.
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