The pound gained against the U.S. dollar Monday, lifted by an unexpected jump in U.K. services activity, though it has come off its session highs.
The U.S. Dollar Index DXY, -0.01% , which measures the greenback against other currencies, was down 0.1% at 95.780. Against the euro EURUSD, +0.0628% the shared currency bought $1.1149, compared with $1.1160 late Friday.
Sterling shines: The pound GBPUSD, +0.2029% jumped to a session high of $1.13376, its strongest level since late July, after the release of data on the U.K.’s services sector in August. Sterling eventually pared its gain to $1.3310, compared with late Friday at $1.3295.
The U.K. services activity purchasing managers’ index came in at 52.9, IHS Markit said Monday. Expectations were for a level of 50, according to FactSet. The 5.5-point monthly gain from the reading of 47.4 for July is the largest in two decades, IHS Markit said. A reading of 50 and above indicates expansion.
The services report, which reflects activity in the wake of the Brexit vote, was closely watched to see whether it would follow recent PMI readings on construction and manufacturing, which both outstripped expectations.
For “the first time in nine weeks, bearish bets against the pound edged lower, encouraged by the better tone of recent U.K. data releases,” analysts at Rabobank said in a note. However, “the level of outstanding net short positions remains very large by historical standards.”
Yen: Meanwhile, the dollar lost ground against the yen after Bank of Japan Gov. Haruhiko Kuroda at the G-20 meeting in China failed to send any strong signals for future monetary policy.
The U.S. dollar USDJPY, +0.13% was trading at ¥103.40, down from ¥103.93 late Friday in New York. The yen also moved higher against other rivals.
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The U.S. Dollar Index DXY, -0.01% , which measures the greenback against other currencies, was down 0.1% at 95.780. Against the euro EURUSD, +0.0628% the shared currency bought $1.1149, compared with $1.1160 late Friday.
Sterling shines: The pound GBPUSD, +0.2029% jumped to a session high of $1.13376, its strongest level since late July, after the release of data on the U.K.’s services sector in August. Sterling eventually pared its gain to $1.3310, compared with late Friday at $1.3295.
The U.K. services activity purchasing managers’ index came in at 52.9, IHS Markit said Monday. Expectations were for a level of 50, according to FactSet. The 5.5-point monthly gain from the reading of 47.4 for July is the largest in two decades, IHS Markit said. A reading of 50 and above indicates expansion.
The services report, which reflects activity in the wake of the Brexit vote, was closely watched to see whether it would follow recent PMI readings on construction and manufacturing, which both outstripped expectations.
For “the first time in nine weeks, bearish bets against the pound edged lower, encouraged by the better tone of recent U.K. data releases,” analysts at Rabobank said in a note. However, “the level of outstanding net short positions remains very large by historical standards.”
Yen: Meanwhile, the dollar lost ground against the yen after Bank of Japan Gov. Haruhiko Kuroda at the G-20 meeting in China failed to send any strong signals for future monetary policy.
The U.S. dollar USDJPY, +0.13% was trading at ¥103.40, down from ¥103.93 late Friday in New York. The yen also moved higher against other rivals.
Click here for Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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