The Great Britain pound was falling today and continued to decline after the poor report about the UK services sector. Yet now the currency has reversed its movement and trades close to the opening level.
The Markit/CIPS UK Services PMI fell from 52.3 in June to 47.4 in July according to the revised estimate — the same as the preliminary report and matching analysts’ expectations. The reading was the lowest since March 2009. The data supported the view that the Bank of England is going to cut interest rates at tomorrow’s policy meeting.
GBP/USD traded at 1.3344 as of 9:52 GMT today after opening at 1.3353 and falling to the daily low of 1.3287. EUR/GBP traded near 0.8387 following the opening at 0.8402 and rising to the session maximum of 0.8432.
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