FX update: Sterling firms a touch on UK PMI data
First Published Friday, 10 July 2009 06:27 am - © 2009 Need to Know News
GBP found a modicum of support around 1.6340 after UK June services PMI held up, after showing only a slight deterioration to 51.6 versus 51.7 in May.
This was a bit better than expected and indicated that the service sector is still experiencing an expansion, which will offer hopes that the UK recession is coming to an end.
The break down indicated that expectations remain highs, but new business and job cut continue within the sector and highlights that any recovery will be fragile and protracted.
