Great Britain’s economic data provided yet another disappointing reading, this time for the services sector, making the pound fall against the US dollar today. The sterling fared better against other majors, actually rising against the euro.
The Markit/CIPS UK Services PMI dropped from 53.7 to 52.3 in April while economists had hoped for the indicator to stay almost unchanged. It was the lowest reading in more the three years. The services report was the last of three PMIs released this month, and all of them were disappointing.
GBP/USD dropped from 1.4492 to 1.4454 as of 11:40 GMT today. At the same time, EUR/GBP declined from 0.7922 to 0.7902.
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