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3 August

By Ahmed Mamdouh

Category: Forex News

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UK services growth slows to 3-month low in July

U.K. services PMI fell more than forecast in July, hitting the lowest level in three months, raising concerns with the beginning of the third quarter.

Services sector growth slowed to 53.5 last month from 55.1 a month earlier, compared to analysts’’ projection of 54.7.

“Service providers commented that Brexit uncertainty had held back new project wins, reflecting risk aversion and a wait-and-see approach to investment,” said Tim Moore, Associate Director at IHS Markit.

As of 09:15 GMT, the pound traded lower for a second straight session against its U.S. counterpart at 1.2995 after falling to an 11-day low of 1.2975.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.