Tuesday, May 6, 2014

Pound Gains as U.K. Services Expand

The British pound rose the most in four weeks against the dollar as a gauge of U.K services output expanded in April more than analysts forecast, boosting demand for the British currency.

Sterling strengthened versus 13 of its 16 major peers as employment in the services industry increased. U.K. government bonds fell, with 10-year yields climbing the most in a week, before the Bank of England begins its two-day meeting tomorrow to set interest rates. While unemployment is below the level policy makers set to consider increasing borrowing costs, Governor Mark Carney has said rates may remain low for longer due to slack in the jobs market.

Markit’s composite PMI for services and manufacturing rose to 59.2 in April, the highest since November, from 57.8 the previous month and a measure of employment in the services industry jumped to 56 from 53.5.

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