UK services data is helping the pound today. Sterling is gaining ground against the euro and the yen, and holding its ground against the US dollar.
The latest gauge of UK services data from Markit showed an increase to 58.9 in March from 56.7 in February. This news is providing a bit of a boost for the UK pound, especially when taken into account with last week’s data on construction and manufacturing.
For now, it appears that the data is showing continued improvement for the UK economy, and the sterling’s recent performance reflects that. The UK pound is once again gaining against the euro, one of its major counterparts in Forex trading.
However, even with these improvements and indications that the economy is improving, many expect that the Bank of England will stay put for now. Indeed, at the upcoming meeting this week, many think that the BOE policymakers will keep rates at the current record low. What many Forex traders are looking for instead are clues as to when the BOE will scale back its bond buying program.
At 10:50 GMT EUR/GBP is down to 0.7296 from the open at 0.7340. GBP/USD has moved higher, gaining to 1.4887 from the open at 1.4879. GBP/JPY is up to 178.4960 from the open at 177.8560.
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