PMI Grows

This morning another good surprise for the Pound – UK PMI (Purchasing Managers Index) showed expansion for May, as opposed to a small contraction expected.

PMI is a measure of the health of the UK services sector, which has been struggling during the recession – so the news is the latest in some boosts for the Pound this week. Sending dollars to the USA is, for example, now at its best level for 9 months.