London, England -- (SBWIRE) -- 04/15/2011 -- City Index (http://www.cityindex.co.uk/) takes a look at the activity affecting CFD trading and spread betting on 6th April 2011.
The UK's services sector Purchasing Managers' Index (PMI) has been published today (April 5th) and revealed that activity proved robust in March.
Indeed, the study - revealed by Markit and the Chartered Institute of Purchasing and Supply - showed that in March, the services sector experienced its strongest performance for 13 months.
A PMI of 57.1 was posted, up from February's 52.6, while employment in the segment increased for the first time in nine months, albeit slightly.
Following the report, Reuters noted that the pound (GBP) hit $1.6250, up from the $1.6155 it stood at before the PMI was announced.
This represents its highest level against the US dollar since March 24th, the news resource added.
The GBP's performance was also rallied as investors eyed a potential interest rate rise in May or June, Reuters stated.
Commenting on the PMI, senior economist at Markit Paul Smith asserted: "Services activity growth surprised well to the upside in March and points to the strongest expansion of the sector since the economy was surging out of its recession early last year."
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