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After falling around 1.5 per cent yesterday on the back of the latest Bank of England inflation report, the GBP/USD cross fell another 0.4 per cent following the Services figure and means the pound has given up all of the ground it has made over the course of this week.
GBP/USD graph
Figures released by Markit this morning showed growth in Britain's dominant service sector slowed in January, with the sector recording its first slowdown for four months. However, Markit were quick to state there was an increase in optimism over future prospects from within the sector, although firms reported that price pressures remained intense.
Jobs day.
Things could have got even worse for the GBP/USD cross this afternoon after the U.S. announced its latest Non-Farm Payroll jobs numbers.
Markets were expecting 170,000 jobs to have been created last month, but the actual reading smashed the predicted level, coming in at 227,000. Usually such a positive number would see the dollar strengthen, but on this occasion the greenback failed to make any ground as the Bureau of Labor Statistics confirmed the unemployment rate in the U.S. had increased from 4.7 per cent to 4.8 per cent, shortly after the Non-Farm Payroll figures were released.
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As a specialist in currency exchange I have a range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.
For more information about how I can help or to find out what rate of exchange I can offer, complete the contact form by click on the link below.
