GBP/USD: UK Flash PMIs

The British Pound depreciated against the US Dollar, following the UK Flash PMIs survey results release on Friday at 08:30 GMT. The GBP/USD exchange currency rate lost 21 pips or 0.16% after the release. The Pound continued trading at the 1.3065 level against the Greenback after the release.

Markit released the UK Flash Services PMI survey results, which came out better-than-expected of 52.3 compared with the forecast of 53.4.

According to the official release: "UK private sector companies indicated another overall increase in business activity during October, but the rate of expansion slowed considerably since the previous month. This reflected a much weaker contribution from the service economy, with survey respondents often commenting on tighter restrictions across the hospitality sector and the impact of local lockdowns on general consumer spending. As a result, service providers reported a decline in new business for the first time since June, which contrasted with another solid expansion in new orders received by manufacturing companies in October."