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05.10.201511:04 Forex Analysis & Reviews: Global macro overview for 05/10/2015

Long-term review

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Global macro outlook for 05/10/2015:

The worse-than-expected UK PMI services figures ( 53.3 vs. 56.4 and 55.6 prior) were released today. Moreover, the September is the weakest quarter since Q2 2013 from total business activity perspective and the longer-term outlook sank to the weakest since August 2014. The good news was that the employment rose to the highest level in three months. Nevertheless, please remember that the UK services index is the largest sector contributing to the total UK GDP. Bank of England governor Mark Carney still hasn't changed his mind about a possible rate hike by the end of the year.

The GBP/USD pair looks a little bit stronger as the it managed to bounce from support at the level of 1.5105 and is currently trading ahead of the resistance at the level of 1.5244.

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