Improved Services PMI Couldn’t Rocket GPP Rate Upwards

There was little in the way of movement for the Pound yesterday as it moved in a narrow range as the better-than-expected services PMI was met with certain caveats.

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As the services sector increased at a good pace in September, the disruption to the supply chain only stifled growth. Furthermore, these additional costs were passed onto consumers with the inflationary pressures starting to cause issues. As a result, the currency finished at 1.175 against the Euro and 1.3628 against the US Dollar according to the Foreign Exchange Market.

The Euro lost ground against a large number of peers yesterday as the services PMI in the Eurozone dropped in September to 56.4 from 59. Furthermore, the ongoing energy crisis continued with natural gas prices hitting record pieces and this caused concerns over gas storage levels, all of which weighed heavily on the single currency.

The US Dollar also dipped yesterday as a change in risk appetite saw investors shun the appeal of the Greenback. This change of direction from investors came about as a result of the property sector crisis in China and concerns about the Us defaulting on debt.

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