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The dire market consensus figures for the Services PMI looked to be off the mark as the index swung from 47.4 to 52.9. This was incredibly similar to the pattern we saw in the manufacturing PMI release as well.
UK economic has consistently beat market consensus expectations as many different data sets seem to be recovering after the initial shock directly after the Brexit vote. Citi’s economic surprise index for the UK is tracking at its highest levels since mid-2013.
This has had a major effect on the pound, which has rallied 3.3% since 15 August as these improved data points continued to roll in. The pound initially rallied as much as 0.6% off the data release overnight, but pared much of this back later in the session.