Sterling was strengthened briefly by positive services PMI data yesterday, which showed the strongest reading since September 2018. The figure was revised higher to 53.9, beating expectations of 52.9.
However, this strength for the pound was short lived, as it weakened later in the afternoon due to a strong dollar and continued Brexit worries.
Composite PMI, which combines services and manufacturing index’s, also came in higher than expected at 53.3, beating expectations of 52.4. New car sales, however, fell year on year to -7.3%, well below the previous figure of 3.4%.
