Economic news

Pound slides following UK services sector fall

The pound weakened versus its major peers on Thursday after a fresh data showed the UK services sector suffered its weakest month since just after the Brexit referendum.

Photo: Reuters

Sterling slumped as much as 0.3 percent to $1.4030 after the reading. The British currency also sank 0.2 percent to 87.380 pence per euro.

The IHS Markit/CIPS services Purchasing Managers’ Index (PMI) tumbled from 54.5 in February to 51.7 last month.

Investors this week have not paid too much attention to economic figures as they assume the Bank of England to be consistent in its monetary policy.


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