6 Jan 2015
UK PMI risks lie to the downside – TDS
FXStreet (Barcelona) - The TD Securities Team expect UK services PMI to fall towards 58.0 due to soft manufacturing and construction PMI readings.
Key Quotes
“While markets are looking for the services PMI to remain essentially unchanged at 58.5 in December, we think that the risks lie to the downside and expect to see a fall toward 58.0 instead, particularly after the softer manufacturing and construction PMI readings. The rebound in the Nov data looked a little bit too strong to be sustainable, but we still look for the services PMI to remain at elevated levels in the high-50s for the next few months at least.”
Key Quotes
“While markets are looking for the services PMI to remain essentially unchanged at 58.5 in December, we think that the risks lie to the downside and expect to see a fall toward 58.0 instead, particularly after the softer manufacturing and construction PMI readings. The rebound in the Nov data looked a little bit too strong to be sustainable, but we still look for the services PMI to remain at elevated levels in the high-50s for the next few months at least.”