5th March 2014
The pound touched session highs against both the dollar and euro today (March 5th) thanks to better-than-expected data concerning the UK services industry.
Markit and the Chartered Institute of Purchasing and Supply's latest purchasing managers' index report gave a reading of 58.2 and while this is the lowest for eight months, it does not represent as severe a fall as had been anticipated.
The pound reached a high of $1.6694 against the dollar as a result of the news, but had slipped back to $1.6672 as of 10:35 GMT.
On the euro, sterling achieved a high of £0.8236 per euro earlier today and was most recently trading at £0.8229 - a rise of 0.22 per cent.
Elsewhere in forex markets, further progress in the Ukraine political situation has seen the dollar make gains on the yen. The US currency has risen 0.16 per cent to 102.3700.
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