GBP/USD Drops to New Low on Services PMI

The Great Britain pound dropped today, reaching a new low versus the US dollar, as the UK services sector demonstrated weakest growth in more than a year and a half.

The Markit/CIPS UK Services PMI sank from 58.6 in November to 55.8 in December instead of rising to 58.9 as was predicted by analysts. The reading was the lowest in 19 months. The sterling fell after the report, reaching the lowest level since August 2013 against the US dollar. The UK currency demonstrated especially big losses versus the Japanese yen, falling 1.1 percent on Friday, 1.3 percent yesterday and 1.5 percent today.

GBP/USD dropped from 1.5247 to 1.5184 as of 17:39 GMT today, reaching the low of 1.5152 intraday. GBP/JPY sank from 182.41 to 179.83.

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