Sterling rises verus the Dollar

Tuesday, 5 July 2011 12:22

United Kingdom Services PMI during June registered 53.9 points, a little above previoud 53.8; while analysts predicted a forecast of 53.6.  U.K’s services sector has stabilized.  The release resulted good for the currency, as it rose at news point.

The British Pound rose about 40 pips versus the U.S Dollar after the Services PMI report, to reach 1.6060.  The upward attitude continued well for the Pound as Sterling/Dollar is currently trading much higher at 1.6105; marking a day high.

The British Pound made a correction against the Euro as well, the pair was lately trading above the 1.90 line; after the reports today GBP managed to pull the Euro down and trade at 1.8990.

As this is U.K’s most important indicator, the growth in this sector is an encouragement to improvement of jobs.