British pound reaches day’s peaks

British pound reaches day’s peaks

On Wednesday, the British pound gained to the day’s peaks after survey data, which revealed that surge in the dominant British service sector picked up to a three month peak in March.

The currency pair GBP/USD inched up 0.27%, hitting 1.2473.

Financial data company Markit informed that the previous month its services purchasing managers' index inched up to 55.0, which is the highest value since February’s 53.3.

Financial experts had hoped for a reading of 53.5.

The report disclosed that businesses increased prices at the fastest pace for 8.5 years, thus indicating that inflation might go up above the 3% rate forecast by many experts this year.

Aside from that, the report also stressed that the rate of job creation in the sector leapt at the slowest pace for seven months.

The British pound managed to grow against the common currency, reacting to the data, with EUR/GBP slumping 0.27% at 0.8554 from about 0.8583 earlier.

 

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