June 5, 2018 / 9:01 AM / 10 months ago

Sterling jumps after better-than-expected UK services data

An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration

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

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