LONDON (Reuters) - Sterling jumped on Tuesday after a survey showed companies in Britain’s dominant services sector grew more quickly than expected in May after a winter slump in early 2018.
The IHS Markit/CIPS services purchasing managers’ index (PMI) rose to a three-month high of 54.0 in May, better than a median forecast of 53.0 in a Reuters poll of economists and up from 52.8 in April.
The pound jumped from $1.3335 to $1.3378 after the data was published, and settled up half a percent on the day. It is headed for its biggest daily rise versus the dollar in seven weeks.
Reporting by Tom Finn; Editing by Saikat Chatterjee