The UK's Purchasing Managers Index (PMI) for services rose to 51.8 for February from 51.5 prior (release), despite a fall expected to 51.0. PMI data already released for manufacturing and construction this month has been less promising.
Markit's Chris Williamson said:
So far, the PMIs suggest that the economy will have grown by 0.1% in the first quarter, barely making up for any of the 0.3% decline seen in the final quarter of last year.
Positive reaction by GBP so far to that better than expected UK services data.GBP/USD had already rallied 150 points over last 24 hrs— David Jones (@DavidJones_IG) March 5, 2013