Pound Ends Friday with Losses, Erasing Earlier Rally

The Great Britain pound dropped by the end of Friday’s trading following the rally earlier during the session. The rally was caused by the better-than-expected data about the UK services sector.
The Markit/CIPS UK Services PMI climbed to 58.5 in June after hitting the five-month low of 56.5 in May. The actual reading was above the median analysts’ forecast of 57.4.
The sterling had gained on the data initially but has lost its gains afterwards. It was a bit surprising as the uncertainty about the future of Greece should have hurt the euro and the yesterday’s disappointing economic data from the United States should have had the same impact on the dollar. Yet the pound dropped even against those currencies.
GBP/USD fell from 1.5608 to 1.5583 as of 20:46 GMT today after rallying to 1.5642 intraday. EUR/GBP advanced from 0.7100 to 0.7121. GBP/JPY declined from 192.05 to 191.23.

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