Sterling jumps to day's highs after services data

Wed Nov 4, 2009 9:44am GMT
 
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LONDON, Nov 4 (Reuters) - Sterling rose to the day's highs against the dollar and euro on Wednesday and UK gilt futures fell after higher-than-expected UK service sector data.

The headline PMI index from the Chartered Institute of Purchasing and Supply/Markit survey rose to 56.9 from 55.3, its highest since August 2007 and the sixth successive month above the 50-level that separates growth from contraction.

Sterling rose as high as $1.6544 GBP=D4 from around $1.6495 before the data.

The euro fell to a one-week low of 89.21 pence EURGBP=R from around 89.44 pence.

The December gilt future FLGZ9 extended losses by 3 ticks to stand 31 ticks lower on the day at 117.38. Back-month short sterling futures also extended losses slightly <0#FSS:>. UK shares .FTSE were little changed, up 0.7 percent on the day. (Reporting by London markets team)

 

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