Hello guys! Yesterday, Pound was down against the dollar and weakened towards a record low against the Euro as data showed that UK service sector contracted at a record rate in November. The euro also suffered as the final reading of the eurozone services purchasing managers’ index was revised lower in November and data showed a plunge in retail sales in the region. The dollar gained agianst the Yen, Euro and Sterling ahead of another round of expected interest rate cuts in Europe and as grim economic data fuelled demand for the safey of the greenback. The dollar edged higher against the yen as traders reveresed carry trades.

The Pound dropped 0.7percent to $1.4800 against the dollar and dropped 0.4 percent to 0.8565 against the Euro. Pound also dropped 0.9percent against the yen to Y137.75.

Cheers!

Clever111