Pound Strengthens Against Euro After UK Services Data Exceeds Forecasts Bloomberg
The pound strengthened against the euro and the dollar after a report showed a measure of U.K. service industries exceeded economists’ forecasts in June, alleviating concerns about the recovery.
Sterling advanced versus all but one of 16 major peers monitored by Bloomberg. A gauge of U.K. services growth based on a survey of companies rose to 53.9 from 53.8 in May, Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said today in a report. The median forecast of 26 economists polled by Bloomberg predicted a decline to 53.5. A level above 50 indicates expansion.
“The focus from the market right now is very much on the growth numbers, and positive data outcomes will tend to be supportive of sterling,” said Chris Scicluna, deputy head of economic research at Daiwa Capital Markets Europe in London.
The pound appreciated 0.5 percent to 89.89 pence per euro as of 4:39 p.m. in London, the first time in three days that it has traded stronger than the 90 pence level. Sterling was little changed at $1.6090 for a third consecutive day of gains.
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