British Pound Hits 3-Week High on Strong PMI Data — TradingView News

Sterling consolidated its gains above the $1.265 mark, reaching a new high since February 1st, as investors reevaluated the Bank of England’s policy outlook following the release of British PMI data.

The survey revealed that the country’s private sector activity expanded in February at the fastest pace since last May, and by more than expected, driven by a notable surge in service sector growth.

Additionally, mounting inflationary pressures due to robust wage growth among service firms and disruptions to factory supplies resulting from tensions in the Red Sea are likely to keep the Bank of England cautious about reducing borrowing costs.