Pound hits five-week high as no-deal Brexit fears ebb – business live

Sterling is rallying as City investors anticipate a Brexit delay, and an electionLatest: Sterling rallies on no-deal Brexit hopesPound goes up as Johnson’s problems mountCity hopes no-deal Brexit can be avoidedDelay could push pound over $1.30, says UBSElection likely 2.53pm BST Ouch! Growth across America’s service sector companies has slowed to a three-year low.Data firm Markit says there was “a loss of momentum across the U.S service sector” last month,” with new orders slowing and demand from overseas falling.US Markit Services PMI Aug F: 50.7 (est 50.9, prev 50.9) – Composite PMI Aug F: 50.7 (prev 50.9)“US businesses reported one of the toughest months since the global financial crisis in August, with growth of output, order books and hiring all slowing amid steep falls in both export and business confidence. “Only on two occasions since the global financial crisis have the US PMI surveys recorded a weaker monthly expansion, and these were months in which business was hit by the government shutdown and bad weather in 2013 and 2016 respectively. This time, trade wars and falling exports appear to be the main drivers of weakness, exacerbating fears of a broader economic slowdown both at home and globally. 2.37pm BST #Pound roars back to life as #BorisJohnson loses control of #Brexit; #GBPUSD rebounds from 3yr low to move above $1.23; House of Commons showdown keeps investors on high alert; PM set to address nation https://t.co/J8W8Fxv7TO#FMcy #Sterling pic.twitter.com/nKu4YXM153 Continue reading…
Via: Pound hits five-week high as no-deal Brexit fears ebb – business live