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GBP recovers as Services PMI makes a BoE interest rate rise more likely

GBPUSD News by Allie Longford on 19:43 July 05, 2018 EST

The Pound was not weak as usual on Wednesday as markets digested the release of the UK’s latest Services PMI.

The index revealed activity in the UK’s all-service sector expanded at a faster than anticipated pace in June. Growth hit a new eight-month high as the good weather helped consumer spending.

The FTSE 100 also continued to gain as Carney showed confidence in the UK economy.

Bank of England Governor Mark Carney said in his speech on Thursday that he believes that the slowdown in the first-quarter was temporary, and is confident that the UK economy can bounce back after a slow start to 2018.