October 4, 2017 / 8:42 AM / 10 months ago

Sterling strengthens after UK services PMI beats expectations

LONDON, Oct 4 (Reuters) - Sterling strengthened against the dollar and euro on Wednesday, after a survey of Britain’s dominant services industry showed growth sped up unexpectedly last month.

The monthly purchasing managers’ index (PMI) for the services sector picked up to 53.6 in September, slightly better than expectations in a Reuters poll of economists and easily above the 50 level that separates growth from contraction.

Sterling hit day’s highs against both the dollar and euro after the data, climbing to $1.3285 up from $1.3255 before the release and leaving it up around a third of a percent on the day.

The pound strengthened to 88.525 pence per euro.

British government bond prices edged down after the PMI was published. December gilt futures were down about four ticks at 123.91 at 0832 GMT.

Britain’s FTSE dipped slightly as the services data boosted the pound. It was last trading near a session low, down 0.1 percent. (Reporting by Jemima Kelly, William Schomberg, Helen Reid; Editing by Fanny Potkin)

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