The Great Britain pound fell against the US dollar today after the gauge of the services sector fell more than was expected. The sterling is still trading near the highest level since 2008 and was able to maintain its gains versus the Japanese yen.
The Markit/CIPS UK Services Purchasing Managers’ Index dropped from 58.6 in May to 57.7 in June, though the report said that the reading is “nonetheless indicative of a sharp increase in activity”. The median analysts’ estimate was at 58.1. Sterling bulls were not particularly bothered by the news as the currency still maintains its strong upward momentum.
GBP/USD was down from 1.7163 to 1.7142 as of 13:22 GMT today, while its daily low was at 1.7106. GBP/JPY climbed from 174.67 to 175.18, trading near the highest level since October 2008.
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