Tuesday, August 5, 2014

Pound Rises for Second Day Versus Euro on Services Growth

The pound rose for a second day against the euro as a report showed U.K. services activity grew at a faster pace in July, exceeding analysts’ estimates.
Sterling strengthened against most of its major peers as Markit Economics said its purchasing managers’ index climbed to 59.1 last month from 57.7 in June. 

Ten-year government bonds fell for the first time in three days, with yields rising from the lowest close since May. Sterling was little changed at $1.6871 after falling to $1.6814 yesterday, matching the least since June 12. Jones estimates the pound will strengthen to $1.7250 and 75 pence per euro by the end of this year, he said.

Bank of England officials will keep the benchmark interest rate at a record-low 0.5 percent at the end of this month’s monetary policy meeting on Aug. 7, according to economists.

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