London - The pound fell to its weakest level in six weeks after data released on Friday showed Britain’s key services sector expanded the least in five months in February, a sign that overall economic growth may falter this quarter.
Sterling fell to levels last seen on January 17, the day Prime Minister Theresa May signaled her plan for the UK’s exit from the European Union would prioritize regaining control of laws and immigration at the cost of losing access to the single market.
IHS Markit’s Purchasing Managers’ Index fell to 53.3 from 54.5 in January. While that’s above the 50-mark that divides expansion from contraction, it’s a bigger drop than economists had forecast. The composite PMI data also fell below the estimate and the prior reading.