The Great Britain pound rallied against the US dollar for the fourth straight trading session, reaching the highest level in month and a half, after the UK services sector demonstrated a strong bounce last month. The currency was mostly higher against other majors as well but fell versus the Japanese yen, ending its four-day streak of gains.
The seasonally adjusted Markit/CIPS UK Services Business Activity Index climbed from 47.4 in July to 52.9 in August, exceeding analysts’ predictions by a wide margin and returning into the expansionary zone. It was the biggest monthly gain on a record. It is interesting to note that the gain followed the July drop, which was also the biggest in history.
GBP/USD went up from 1.3299 to 1.3332 as of 10:06 GMT today, and its daily high of 1.3375 was the highest since July 15. GBP/JPY fell from 138.38 to 137.65.
If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.
