During early European deals on Monday, the pound declined to a 4-day low against the US dollar after a report showed that U.K.’s services sector activity expanded at its slowest pace in ten months in June. The pound also weakened against other major currencies.
The UK CIPS/Markit services PMI headline activity index fell for the third time in four months to 54.4 in June from 55.4 in May. That was weaker than the consensus forecast and the lowest level since August 2009.
The Euro-zone and the Swiss retail sales- both for May, and the services PMI reports from the major European economies for June, which were also released in European session likely influenced currencies.
The pound slipped against the yen in early European deals on Monday. As of now, the pound-yen pair is worth 132.80, down from Friday’s close of 133.42. If the UK currency weakens further, it may likely target the 131.3 level.
During early European deals on Monday, the pound dropped against the dollar. The pound-dollar pair that closed last week’s trading at 1.5195 is currently trading at a 4-day low of 1.5135 with 1.488 seen as the next downside target level.
The pound declined against the currencies of Europe and Switzerland in early European deals on Monday. At present, the pound is worth 1.6100 against the franc and 0.8285 against the euro, compared to Friday’s close of 1.6169 and 0.8263, respectively. The next downside target level for the pound is seen at 0.830 against the euro and 1.606 against the franc.
The U.S. financial markets are closed today for Independence Day holiday.