British Pound Extends Slide Following Weak Services PMI Data
Feb, 03rd 10:13
British Pound fell for the second day on Friday after data showed that growth in Britain’s services sector slowed for the first time in four months in January.
The Markit/CIPS services purchasing managers’ index (PMI) was reported to drop to a three-month low of 54.5 last month from 56.2 in December. While December’s reading reached 15-month high, last month’s figure slid to at the bottom end of a range of forecasts in a Reuters poll of economists.
The pair GBPUSD plunged more than 200 pips from nearly two-month high at 1.27060 set on Thursday to trade around 1.24864 at 10:00 AM GMT.
On Thursday, the Bank of England sharply upgraded its growth forecast for 2017 to 2.0 percent after having highlighted a stronger global economy and more resilient domestic consumers.
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