The Great Britain pound rallied today after the release of the services Purchasing Managers’ Index. The index was safely above the neutral level, showing stable growth of the sector.
The Markit/CIPS UK Services PMI was at 55.6 in January, little changed from the December’s 55.5. The reading was good even though it missed analysts’ expectations of 57.6 and the preliminary estimate of 57.8. The sterling got boost from the positive data as well as from the reports about a draft of a deal for the United Kingdom to stay in the European Union.
GBP/USD rallied from 1.4408 to 1.4530 as of 13:43 GMT today, trading near the highest level since January 12. EUR/GBP dropped from 0.7575 to 0.7542.
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