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3 May

By Ahmed Mamdouh

Category: Forex News

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UK services PMI rises less than forecast in April

U.K. services’ sector expansion pace accelerated in April, but the reading came lower than analysts’ projections.

Services Purchasing Managers’ Index scored 52.8 last month from 51.7 in March. Analysts had predicted a reading of 53.5.

Manufacturing PMI expansion dipped to a 17-month low of 53.9 in April from a revised of 54.9 in March, while construction returned to growth by recording 52.5 last month from a previous of 47.0.

As of 08:40 GMT, the pound sterling traded higher at $1.3612, set for its first daily gain in seven sessions.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.