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Pound Withstands Unfavorable Housing Data

March 5, 2014 at 23:54 by Vladimir Vyun

The Great Britain pound was strong today in spite of economic data that was mixed at best. The housing data was very poor, while the service sector expanded with decent pace even though the growth was a little bit slower.

The Shop Price Index of British Retail Consortium fell 1.4 percent in February, year-on-year, declining for the tenth straight month. It was the longest deflation period on the record. At the same time, the Markit/CIPS UK Services Purchasing Managers’ Index was little changed at 58.2 in February. It is the lowest figure since June, but it is also relatively high and “indicative of a sharp rise in activity on a monthly basis”.

GBP/USD climbed from 1.6637 to 1.6714 and GBP/JPY advanced from 170.31 to 171.08 as of 23:54 GMT today.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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