It has been a week to forget for the pound, as GBP/USD has shed over 200 points. Early in the European session, the pair is trading at the 1.60 line, its lowest level in three weeks. On the release front, UK Services PMI dropped to 58.7 points. In the US, NonfarmÂ Employment Change and the unemployment rate sparkled and the pound has dropped sharply in response.
British Services PMI softened in September. The index dropped to 58.7 points, down from 60.5 points a month earlier. The estimate stood at 59.1. Earlier in the week, Construction PMI improved to 64.2 points last month, beating the estimate of 63.7 points. This marked a fourth straight increase and the indicators highest level in 8 months. However, Manufacturing PMI disappointed at 51.6 points, its lowest level in 16 months.