British pound reaches 11-month maximums as UK services activity gains

British pound reaches 11-month maximums as UK services activity gains

On Thursday, the British pound rallied to the highest value since September versus the American currency after data telling that activity in UK service sector surged in June.

The currency pair GBP/USD showed 1.3266 - the most impressive reading since mid-September 2016.

According to financial data company Markit, its services purchasing managers’ index climbed up to 53.8 the previous month, compared to June’s result of 53.4. Experts hoped it would leapt to 53.6.

British companies informed that new business remained firm and hiring gained, but business expectations were relatively poor as uncertainty over Brexit kept weighing.

The British pound’s profits were held in check ahead of the BoE’s monetary policy gathering later on Thursday. Britain’s key bank was supposed to hold interest rates intact at record minimums as the risks from Brexit kept looming.

The pound grew versus the common currency, with EUR/GBP sliding 0.33% being worth 0.8936.


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