Forex News UK – A mix of economic data weigh on Sterling

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Forex News: Sterling drops to a 2 and a half month lowEarlier today various British economic data came out, most of them below expectations, pushing the British Pound down against most of its major counterparts. The Consumer Credit reading for May is 0.2 billion Pounds, the forecast was for 0.4 billion Pounds. Mortgage Approvals for the previous month were slightly lower than the expectations at 45.94K Pounds, while the forecast was for 46.3K Pounds. The M4 Money Supply on May was 0.1%, while economists polled for a rate of 0.3%. The Index of Services was the only one which beat the polls, as it came out at 0.9% in line with the previous rate and 0.2% higher than the expected value. The GBPUSD pair after making a rally of some 54 pips north, upon the announcement of the news the pair slipped by some 17 pips to trim some of the gains. This week the British Pound is struggling to rebound after the dovish minutes of the BoE. Currently the Sterling is trading against the US Dollar at 1.6017, eyeing the session high of 1.6023. The EURGBP pair despite the negative news lost some 31 pips from 0.9012 to 89.79. Now the pair is trading at 0.8984.