Forex
GBP/USD Surges to Six-Month High on Stronger-Than-Expected UK Services
The British Pound saw significant gains against the US Dollar on Friday after a surprise boost in UK services activity. The S&P Global flash PMI survey revealed a strong increase in the UK Services PMI, rising to 52.8 in August from 52.1 in July.
This is the strongest reading for six months and far exceeded expectations of 51.8 in a Reuters poll. The composite PMI also strengthened to 52.5 from 52.2, surpassing consensus forecasts of 51.6.
As a result, the GBP/USD exchange rate surged to an intraday high of $1.3675 before easing back to around $1.3656 by late morning.