Forex
GBP Finds Support at 216.50 as Mixed Data Offset Retail Sales Slump
The British Pound's rally against the Japanese Yen was capped at the 217.00 area earlier on Friday, and the pair pulled back to the 216.50 area where it found some support.
UK business activity data offset downbeat Retail Sales figures released earlier in the day and provided a mild impulse to the GBP.
Preliminary UK S&P Global Purchasing Managers Index (PMI) data for July revealed that the UK services sector's activity accelerated to 52.8 from 52.1 in June, beating expectations of a slight decline to 51.8.
The Manufacturing PMI slowed down to 51.5, from 51.9, in line with market expectations, while the Composite PMI ticked up to 52.5 from 52.2 in June, also beating forecasts of a decline to 51.6.