Accelerating Growth of UK Service Sector Helps Sterling

The UK service sector surprised analysts by growing much faster than they have anticipated. That helped the Great Britain pound to gain on its most-traded peers during the Wednesday’s trading session.

The seasonally adjusted Markit/CIPS Services PMI jumped from 53.3 in February to 55.0 in March. It was a noticeably higher reading than 53.5 predicted by analysts. While indexes for other sectors released earlier this week were not good, the service sector is the most important one for Britain’s economy, and therefore it carries more weight than the others.

GBP/USD climbed from 1.2439 to 1.2486 as of 12:41 GMT today. GBP/CHF advanced from 1.2460 to 1.2523.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

+ 59 = sixty four