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Bullish service figure over shadowed by UK politics

  • AUD Retail sales 0.7%
  • GBP Services PMI 58.9
  • USD JOLTS Job openings 5.13m
  • EUR PPI 0.5%

Yesterday’s focus was on the UK economy as we saw the release of the country’s services PMI. The reading accelerated at its fastest pace in March since August last year.  The largest sector in Britain posted a 58.9, surpassing economists forecast of 57.1, as the sector showed strong momentum as companies lowered their costs and employment activity remained high. The tertiary sector accounts for roughly 80% of the country’s GDP. This upturn bodes well for the economic growth of Q1 as services, construction and manufacturing gauges have all shown that the economy has grown by 0.7% from the initial 0.6% in Q4.  However, despite this strong data, Sterling gains were not seen as political uncertainty continues to be the driving force for the Pound movement at present.

The Eurozone also posted their services number yesterday morning. Services in the Eurozone registered at 54.2, in line with expectations and its twentieth consecutive month of expansion. 

Labour data released from the U.S yesterday afternoon didn't disappoint as the Jolts job opening figure posted its highest level since 2001, with the reading showing that there were 5.1 million new job positions for February.  This figure is released after Friday’s very disappointing non-farm figure, as labour data fights back and shows that the labour market is in a good place for the States.

  • EUR Retail PMI
  • FOMC Meeting minutes

Today, the Eurozone releases the monthly retail sales, with expectations for this to drop into negative territory. Following this we have the FOMC minutes released this evening as we gain an insight into March’s Fed meeting.