Pound Retreats as Growth of Services Sectors Slows Beyond Expectations

The Great Britain pound fell against its rivals during today’s session after growth of Britain’s services sector slowed more than analysts had anticipated to the slowest pace since September 2016.
The seasonally adjusted Markit/CIPS UK Services PMI dropped from 54.5 in January to 53.3 in February. While the index was still far above the neutral 50.0 reading that separates expansion and contraction, the actual value was nowhere near 54.2 predicted by analysts. The report followed disappointing manufacturing data, leading to speculations among investors that the impressive performance demonstrated by the UK economy earlier has come to an end.
GBP/USD dropped from 1.2264 to 1.2237 as of 13:55 GMT today, trading near the lowest level since January 17. EUR/GBP rallied from 0.8563 to 0.8633.

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