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Sterling falls after UK services survey disappoints

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 5 (Reuters) - Sterling handed back most of Monday's minimal gains against a weakened dollar after a monthly survey of sentiment in the services sector that dominates Britain's economic output fell sharply below both forecasts and the previous month's figures.

After U.S (Other OTC: UBGXF - news) . jobs numbers on Friday that shocked markets out of any expectations of a rise in Federal Reserve interest rates this year, the UK PMI numbers further undermined the case for British rates to rise next year.

Sterling fell to $1.5182 in response, down from $1.5220 immediately before the data. It (Other OTC: ITGL - news) weakened to 74.13 pence per euro from 73.96 pence.

British government bond futures also pared losses by around 10 ticks after the data, and traded at 119.41, 32 ticks down on the day, at 0834 GMT. (Reporting by Patrick Graham)