The Pound fell against the Euro and US Dollar following the release of Markit’s Services PMI data. The figure marked an 11-month consecutive expansion of the service sector but was weaker than the previous month’s figure of 62.5 in October.
Currently the Pound is trading in the region of 1.2058 against the Euro and 1.6349 against the US Dollar.
The ‘Greenback’ rallied against the Euro and Pound following the release of data which suggested that the US economy is on the right track to make a strong recovery. The number of new jobs created beat expectations and new home sales hit a 30-year high.
Currently the US Dollar is trading in the region of 0.6116 against the Pound and 0.7375 against the Euro.
The Euro managed to recover some ground against the Pound after the regions services PMI beat expectations. Earlier in the session it weakened after official data earlier showed that retail sales fell 0.2% in October, confounding expectations for a 0.3% rise, after a 0.6% decline the previous month. The euro remained lower against the U.S. dollar despite the release of disappointing U.S. service sector data.
Currently the Euro is trading in the region of 0.8293 against the Pound and 1.3558 against the US Dollar.
The ‘Aussie’ fell to a new three-month low against the US Dollar and resumed its downward trend against the Pound and Euro after GDP data showed that economic growth in the country was weaker than forecast. Australia’s gross domestic product grew 0.6% in the three months ended September 30, missing the 0.8% growth expected by traders.
Currently the Australian Dollar is trading in the region of 0.5515 against the Pound, 0.6650 against the Euro and 0.9017 against the US Dollar.
The Canadian Dollar fell to its lowest level in three years against the US Dollar and remained weak against Sterling after the Bank of Canada could chose to maintain interest rates at today’s policy meeting.
Currently the Canadian Dollar is trading in the region of 0.5723 against the Pound, 0.6901 against the Euro and 0.9358 against the US Dollar.