The services PMI fell to 56.2, missing estimates of 58.5 and September`s 58.7. The Chartered Institute for Procurement and Supply (CIPS) remarked that the activity growth is down to a 17 month low.
The key drivers of this pace are:
- Activity and new business rise at slower rates in October.
- Business sentiment weakens.
Clarence Lim, a trading associate stated that his target price for GBP/JPY at 196 would take a longer period given the slowdown.
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