Currency Note Sterling

Sterling buoyed by good services data

By Ricky Bean November 6th, 2013

Yesterday was another positive one for sterling as positive UK economic data releases propelled it higher. The Services Purchasing Managers Index (PMI) release showed that the sector had expanded at the fastest pace in 16 years helping sterling to climb to the highest level for a month against the euro, whilst also making solid gains against the US dollar. Adding to sterling’s rise was the news that the National Institute of Economic and Social Research (NIESR) had raised its economic growth forecast for the UK, suggesting the UK will grow by 1.4% this year and 2.0% in 2014 (up from 1.2% and 1.8% respectively). Further significant data is due today, with the monthly manufacturing production data liable to add further volatility to the markets, ahead of Thursday’s important Bank of England’s decisions. Get in touch with your trader for the latest sterling rates, as sterling continues to impress.