Bloomberg News

Pound Extends Drop as Services Gauge Falls More Than Estimated

June 03, 2011

June 3 (Bloomberg) -- The pound extended a decline versus the dollar and weakened against the euro after a gauge of U.K. services industries fell more than economists had estimated.

The British currency slid 0.3 percent to $1.6323 as of 9:31 a.m. in London. It depreciated 0.2 percent to 88.68 pence per euro.

The index based on a survey of companies fell to 53.8 in May from 54.3 in April, Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said. That compares with the median estimate of 54.2 from 26 economists in a Bloomberg News survey.

To contact the reporter on this story: Paul Dobson in London at

To contact the editor responsible for this story: Keith Campbell at

China's Killer Profits
blog comments powered by Disqus