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Forex News: Pound Spikes Up As U.K. Service Sector Growth

Pound Spikes Up As U.K. Service Sector Growth Accelerates To 3-Month High

06/05/2018 - 06:08:00 (RTTNews)

(RTTNews) - The pound appreciated against its major counterparts in the European session on Tuesday, as British service sector activity expanded at the fastest pace in three months in May.

Survey data from IHS Markit showed that the IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, rose to 54.0 in May from 52.8 in April. The index was forecast to increase to 53.0.

Investors await next week's FOMC meeting for indications whether the Federal Reserve will accelerate the pace of its rate hikes.

The focus also remains on this week' G7 summit in Canada and the upcoming Trump-Kim summit slated for June 12 in Singapore.

The pound held steady against its major rivals in the Asian session, with the exception of the yen.

The pound rallied to 146.91 against the yen, its highest since May 24. The pound is likely to find resistance around the 148.00 level.

Survey from Nikkei showed that Japan's services sector continued to expand in May, albeit at a slower pace, with a services PMI score of 51.0.

That's down from 52.5 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. The pound reversed from an early low of 1.3302 against the greenback, rising to 1.3385. The pound is seen finding resistance around the 1.35 level.

Having fallen to a 4-day low of 1.3142 against the Swiss franc at 5:30 pm ET, the pound reversed direction and advanced to 1.3197. The next possible resistance for the pound is seen around the 1.34 level.

The pound appreciated to 0.8743 against the euro, reversing from a 4-day low of 0.8788 seen at 8:15 pm ET. The pound is poised to challenge resistance around the 0.86 level.

Final data from IHS Markit showed that Eurozone private sector expanded at the slowest pace in one-and-a-half years, as initially estimated.

The composite output index dropped to 54.1 from 55.1 in April, but in line with the flash reading of 54.1. This was the lowest score since November 2016.

Looking ahead, Markit's U.S. services PMI and ISM non-manufacturing composite PMI for May are scheduled for release in the New York session.

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