Currency Note Sterling

Poor services data ensures growth doubts for the UK

By Ricky Bean January 7th, 2016

Sterling struggled across the board yesterday as a slight miss in the purchasing managers’ index (PMI) data from the services industry added to fears of slowing domestic growth in the UK. Sterling sentiment has remained negative at the start of 2016 thanks to the ongoing concerns around the growth of the UK economy, combined with fresh doubts about Britain’s membership of the European Union, which has kept investors wary. This meant that sterling again fell to a fresh eight-month low against the US dollar, and only narrowly avoided reaching the lowest level seen in five years.

A quiet day across the markets today will see attention shift to the US, where this afternoon’s unemployment claims data will provide the main point of interest.