The British pound is trading higher today after a significant rise in the services sector that shows the local economy may adjusting to shock decision of Brexit.
At 4.35pm (GMT) the British currency was trading at $1.2476 against its US counterpart up from $1.2439 in yesterday’s close.
The purchasing managers' index (PMI) hit the market earlier today at 55 for the month of March, up from a number of 53.3 in February, and above analysts’ expectations for a number of 53.5. A number above 50 shows the sector is in expansion mode.
The news follows on from recently released employment figures and shows the UK population may be putting the worst of Brexit behind them,
“Sterling bounced high after today’s PMI report showed the UK’s key services sector has returned to health after a fairly lackluster start to the year,” noted Neil Wilson, senior market analyst at ETX capital.
The question is now can the pound continue to rise and break back through the $1.2500 mark like it did last week, or is it going to face stiff resistance once again, as traders digest the situation in other sectors of the economy,
“Can the pound stick it at this level? There’s likely to be some selling into this rally that may pare gains and cable may struggle to scale the $1.25 handle on this data”. Mr Wilson said
“It’s hard to see the PMI data today doing anything to really alter the outlook for the Bank of England as the quarter-on-quarter numbers are still weaker than the end of last year,” he added.
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