Pound Rises as Services Expands Faster than Expected

The Great Britain pound advanced today as UK service industries expanded last month with fastest pace in more than a year, exceeding analysts’ expectations and adding to signs of economic recovery in the United Kingdom.
The Markit/CIPS UK Services Purchasing Managers’ Index rose from 52.9 in April to 54.9 in May. It was the highest level since March 2012. Forecasters have predicted an increase to just 53.1. The data followed other reports that were also positive.
GBP/USD went up from 1.5310 to 1.5350 as of 13:39 GMT today and its daily high of 1.5396 was highest since May 10. EUR/GBP fell from 0.8540 to 0.8511.

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