The Great Britain pound jumped today, reaching the new multi-year high versus the US dollar, after the gauge of the UK services industry rose, beating analysts’ expectations.
The Markit/CIPS UK Services Purchasing Managers’ Index rose to 58.7 in April up from the March reading of 57.6. The consensus forecast has promised smaller increase to 57.9. This was just one more confirmation that economic recovery in the Unite Kingdom is gaining momentum and the Bank of England may be forced to tighten monetary policy sooner rather than later.
GBP/USD surged from 1.6886 to 1.6972 as of 23:47 GMT today and its daily high of 1.6995 was the strongest price since August 2009. GBP/JPY ticked up from 172.24 to 172.60.
If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.