The United Kingdom released several reports today with the services PMI data among them.
The latest report of the Markit research group showed growth of the UK service sector in August, but the weakest rate of expansion in over two years. That pushed the British pound to a new 3-month low against the US dollar.
Following the data release, the GBP/USD pair hit the level of 1.5241, which is its lowest level since June 8, from 1.5290 where it was previously trading.
Earlier this week, data on a slowdown in the UK manufacturing sector was unveiled. The construction sector also posted discouraging figures that cut the growth forecast for the third quarter, shattering analysts' hopes for the near-term interest rate.
Thus, the UK services PMI decreased to 55.6 in August 2015 from 57.4 reported in July. The indicator reached its lowest level since May 2013 missing economists' forecast of 57.6 points.
However, experts at Markit underlined that the British economy still could advance by 0.5% in the third quarter with the services sector acting as the major driving force.