The Pound has softened against the Euro and US Dollar following the release Markit’s Services PMI data.
Cable retreated from a two-year high after the PMI came in at 60 for November. The figure marked an 11-month consecutive expansion of the service sector but was weaker than the previous month’s figure of 62.5 in October, which was the strongest figure since May 1997. Economists had been expecting a figure of 62.
Any figure above 50 indicates expansion whilst a figure below indicates a contraction.
“When looked at alongside the upturns in the buoyant manufacturing and construction sectors, the three PMI surveys indicate that the pace of economic growth will have accelerated in the fourth quarter, rising to above 1%.
‘Although signalling an easing in the rate of growth in November, the survey of the services economy continues to signal an impressively strong rate of expansion,” said Chris Williamson, Chief economist at survey compilers Markit.
Also weighing upon the Pound was the release of data by the British Retail Consortium which showed that UK shop prices fell by 0.3% from the previous year, after falling by 0.5% in October.
Current Pound Sterling (GBP) Exchange Rates:
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6358
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.2036
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.8142
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9978
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6112
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8306
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5510
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5003
(As of 10:20 am GMT)
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