The Great Britain pound dropped today due to surprisingly disappointing data from the United Kingdom. The services index unexpectedly fell and shop prices demonstrated deflation for the ninth month in a row.
The Markit/CIPS UK Services Purchasing Managers’ Index was down from 58.8 in December to 58.3 in November. It was an unpleasant surprise to market participants who have expected an increase to 59.1. The Shop Price Index of British Retail Consortium demonstrated a 1.0 percent annual drop, the deepest deflation on the record.
GBP/USD was down from 1.6324 to 1.6272 and GBP/JPY declined from 165.91 to 164.52 as of 12:40 GMT today.
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