Growth in Service Sector Gives Pound a Welcomed Boost

On Wednesday, the UK’s services PMI came in better than expected and that gave the Pound a boost, causing it to rally.

The figures show that the service sector has made a strong recovery. This then added to the interest around the Bank of England’s interest rate decision which is expected today, with expectations pointing at a rise in rates. According to the Foreign Exchange Market, the currency finished at 1.179 against the Euro and 1.3696 against the US Dollar.

It was a subdued day for the Euro as investors held off on making any moves prior to the decision from the Federal Reserve on interest rates. However, the single currency did receive support from the jobless rate in the Eurozone with unemployment dropping to 7.4% from 7.5% in September, meeting expectations. 

The US Dollar had a mixed session yesterday as investors remained fairly muted in the run-up to the decision from the Federal Reserve, even though some strong data was released. The Fed announced that the bond purchasing package would be tapered at a rate of $15bn each month although an interest rate rise was not on the cards just yet.

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