Sterling Rises to Near 17-Month High vs Euro After Strong U.K. PMI Data
Dow Jones17:02
0902 GMT - Sterling rises to a near 17-month high against the euro after a stronger-than-expected flash U.K. purchasing managers' index survey for October. The U.K. composite PMI rose to 53.1 in October from 52.0 in September, exceeding the 52.7 reading forecast by economists in a WSJ survey. The data also showed another sharp rise in input prices and support expectations that the Bank of England could raise interest rates next month. It follows weaker-than-expected eurozone PMI data earlier in the day. The euro falls 0.1% to as low as 0.8360 pounds after the data, from 0.8369 beforehand.
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