UK Services Slow Growth, Pound Weakens

The Great Britain pound fell today against almost all most-traded currencies after the report showed that Britain’s service industries expanded slower than was anticipated by markets.

The Markit/CIPS Business Activity Index was at 53.8 in May, showing that business activity increased for the fifth straight month. The index was below the market expectations of 54.4 and the April value of 54.3. The pound currently slowly regains its strength, but still heads for weekly losses versus the US dollar and the Japanese yen.

GBP/USD fell to 1.6328 from 1.6369 as of 12:00 GMT today after dropping to the intraday low of 1.6285. GBP/JPY fell from 132.38 to 131.13 before trading at 131.61.

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