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UK Service Sector PMI reported strongest growth in April

UK Service Sector PMI reported strongest growth in April

Britain’s main services sector reported its strongest growth since last April, indicating a positive economic growth. The UK services Purchasing Managers’ Index increased to 52.9 in April, its highest index since August and the fourth consecutive monthly rise. There had been expectations that the index would stay at March’s level of 52.4. The main improvement was mainly supported by increasing growth in new orders since last May.

The Euro rose slightly versus the Dollar on Friday, remaining steady after dipping yesterday as the European Central Bank cut interest rates and extended the possibility of further policy action. As widely anticipated, the ECB cut its key interest rate by 25 basis points to a record-low 0.5 percent.

Meanwhile the Dollar slips today ahead of the US jobs report, as it adds concerns about the U.S. economy and further monetary easing. April non-farm payrolls are looking for jobs growth of 145,000, up from 88,000 for March. The U.S. unemployment rate is steady at 7.6 percent.

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