February 21, 2020 / 9:53 AM / a month ago

Sterling climbs against dollar, euro after upbeat factory data

FILE PHOTO: Pound banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Sterling rose against the dollar and euro on Friday after UK purchasing managers indexes showed British factories posted the fastest rise in output for 10 months.

The ‘flash’ early readings of the IHS Markit/CIPS UK Purchasing Managers’ Index (PMI) showed the expansion of Britain’s vast services sector slowed slightly this month, but this was cancelled out by an unexpected upturn in manufacturing.

Sterling hit the day’s high of $1.2928 against a broadly weaker dollar, up nearly 0.4%. Against the euro, the pound climbed back to the session’s high of 83.68 pence.

Reporting by Ritvik Carvalho

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