UK service sector improves
Sterling exchange rates have recovered this morning, following the release of more positive economic data. The service sector PMI has improved to 54.1 in August, rising from 53.2 the previous month. This is also ahead of eurozone figures, which came in at 49.9, just below the 50 mark which indicates positive territory.
The race is on for evidence of economic recovery and UK exchange rates have suffered recently following weak economic data. However positive figures for the construction sector released yesterday, and a rally in Asian equity markets have boosted risk appetite in the market, allowing the pound to trim recent losses against its currency partners.
Sterling exchange rates are currently valued at USD1.6348 and EUR1.1441.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.