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UK Data Continues To Be Positive

The pound edged up this morning ahead of a survey on Britain’s dominant services sector which traders said could lift the currency after decent numbers from the manufacturing and construction sectors earlier this week.

The Services Purchasing Managers’ Index was forecast to come in at 54 for June, in line with the previous month.

The figures were released a few minutes ago and again beat expectations coming in at 55.1.

Sterling has struggled in recent weeks as worries about whether Britain can secure a deal with the European Union before it leaves the bloc next March weigh on the currency.

We are hearing this morning that Prime Minister Theresa May will present to her team a new proposal for trade with the European Union that in effect comprises the “softest possible Brexit.

With the clock ticking towards a March departure date and passions running high, May is holding a meeting of senior ministers on Friday at which she will pitch a compromise third option.

If this is the case, we could see Sterling gain strength towards the end of the week going into next week.

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