Rising Services PMI Pushes Pound Further Up
The Great Britain pound rose today for a fourth day as the growth of the UK service industries in January was better than the economists predicted, reinforcing the outlook for a interest rates hike by Britain’s central bank.
The Markit/CIPS Business Activity Index rebounded sharply in January, rising from 49.7 to 54.5, the highest level since May 2010. The expected value was 51.2. The report explained the good growth by ”improved weather and return to business as normal”.
GBP/USD traded near 1.6198 today as of 13:10 GMT, rising from the opening price of 1.6189, but falling from the intraday high of 1.6277. GBP/JPY traded at about 132.45 after it opened at 132.01 and reached the intraday high of 132.93.
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Earlier News About the Great Britain Pound:
- Pound Extends Gains on Expanding Construction Sector (2011-02-02)
- Pound Rallies on Anticipation of Interest Rates Hike (2011-02-01)
- Britain's Pound Goes Down as Consumer Confidence Slumps (2011-01-28)
- Pound Regains Strength on MPC Minutes (2011-01-26)
- Declining UK GDP Hurts British Pound (2011-01-25)
