When is the UK Services PMI and how could it affect GBP/USD?
The UK services PMI overview
The UK economy will release its September Services PMI later in the European session at 0830GMT, which is expected to come in at 53.5, down from 54.2 recorded in the previous month.
How could it affect GBP/USD?
Ahead of the key data, the GBP/USD pair holds above the 1.3500 psychological mark, though it seems to struggle to capitalize on the previous day's goodish rebound from the vicinity of mid-1.3400s, or an over two-week low. A stronger UK Services PMI print could provide a modest lift to the British Pound (GBP), though the immediate market reaction is more likely to be limited amid the emergence of some US Dollar (USD) dip-buying.
Conversely, a weaker print might prompt fresh selling around the GBP/USD pair against the backdrop of the Bank of England's (BoE) dovish outlook. This, in turn, suggests that the path of least resistance for spot prices is to the downside, and any attempted positive move could be seen as a selling opportunity.
Economic Indicator
S&P Global Services PMI
The Services Purchasing Managers Index (PMI), released on a monthly basis by S&P Global, is a leading indicator gauging business activity in the UK’s services sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the Pound Sterling (GBP). Meanwhile, a reading below 50 signals that activity among service providers is generally declining, which is seen as bearish for GBP.
Next release: Tue Sep 23, 2025 08:30 (Prel)
Frequency: Monthly
Consensus: 53.5
Previous: 54.2
Source: S&P Global
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