Bloomberg News

Pound Declines Against Dollar as Services Gauge Misses Estimates

November 05, 2012

The pound fell for a second day against the dollar after a report showed an index of services increased less than analysts estimated last month.

The U.K currency declined 0.2 percent to $1.5984 at 9:39 a.m. London time. It traded little changed at 80.09 pence per euro, after reaching 79.86 pence earlier today, the strongest level in five weeks.

U.K. 10-year government bonds advanced, with the yield declining three basis points, or 0.03 percentage point, to 1.83 percent.

A gauge of companies from banks to airlines fell to 50.6 from 52.2 in September, Markit Economics and the Chartered Institute of Purchasing and Supply said in London today. Economists had forecast a reading of 52.0, according to the median of 30 estimates in a Bloomberg News survey.

To contact the reporter on this story: Neal Armstrong in London at narmstrong8@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net


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