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Sterling climbs despite disappointing UK services data

The exchange rate has climbed slightly to €1.138 (£1) after the release of UK services data for June. PMI figures were expected to slip from 53.8 to 53.5 but instead they dropped to 53.4. But the pound has managed to hold its ground despite the disappointing services data.

The exchange rate still has a further climb to reach weekly highs of €1.142 (£1) seen on Monday.

Following Monday’s dip in the UK manufacturing PMI for June, the monthly construction PMI has also shown a drop, easing from 56 to 54.8.

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