The Sterling was little changed against the US Dollar on the UK Services PMI data, though the report managed to sustain the exchange rate above the 1.3400 level. The GBP/USD rose 15 base points or 0.11% to make further attempts to overcome 1.3440.
The UK economy suffered by the end of 2017, compared to the Euro zone’s strong recovery, as the effects of Brexit vote kept weighing on businesses and shoppers. Markit said that country’s services PMI dropped to 53.8 in the month of November. The businesses within the industry faced double impact, as costs increased mainly due to the lack of skilled labour, while inflation growth continued to squeeze household incomes and their willingness to spend.
