TheÂ Sterling pound today declined slightly against theÂ US dollar following theÂ release ofÂ theÂ weak Markit/CIPS UK Services PMI data inÂ theÂ early European session. TheÂ pound was minimally affected inÂ theÂ early American session after several releases from theÂ US docket such asÂ theÂ positive jobless claims data.
TheÂ GBP/USD currency traded mostly inÂ aÂ range today asÂ bulls battled theÂ bears forÂ control with neither side emerging asÂ theÂ winner. TheÂ cable was stuck inÂ aÂ sideways range between aÂ high ofÂ 1.3631 andÂ aÂ low ofÂ 1.3570.
TheÂ release ofÂ theÂ Markit/CIPS UK Services PMI is what triggered theÂ pair’s initial decline asÂ it came inÂ atÂ 52.8, which was lower than theÂ consensus estimate ofÂ 53.5. TheÂ Chief Economist atÂ Markit, Chris Williamson stated that, âTheÂ services survey adds toÂ signs that theÂ rate ofÂ economic growth remained disappointingly subdued atÂ theÂ start ofÂ theÂ second quarter.’ TheÂ three PMI surveys collectively showed only aÂ muted rebound inÂ business activity atÂ theÂ beginning ofÂ theÂ second quarter.
Other releases from theÂ US docket such asÂ theÂ initial jobless claims data released byÂ theÂ Department ofÂ Labor andÂ theÂ trade balance data released byÂ theÂ Census Bureau triggered aÂ brief decline inÂ theÂ currency pair.
TheÂ currency pair’s short-term performance is likely toÂ be influenced byÂ theÂ release ofÂ theÂ US ISM Non-Manufacturing/ Services Composite later today.
TheÂ GBP/USD currency pair was trading atÂ 1.3588 asÂ atÂ 13:54 GMT having declined from aÂ high ofÂ 1.3631. TheÂ GBP/JPY currency pair was trading atÂ 148.52 having dropped from aÂ high ofÂ 149.46.
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