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Sterling slides after weak services PMI data

Reuters - UK Focus

LONDON, Feb 5 (Reuters) - The British pound fell to near two-week lows on Tuesday after a survey showed firms in the dominant services sector in Britain reporting job cuts for the first time in six years.

Sterling hit the day's low at $1.3014 after the survey, falling 0.2 percent to its lowest level since Jan. 24. Before the data was released the currency been up at $1.3051 against a broadly firm dollar.

The pound also turned negative on the day against the euro, sinking to a day's low of 87.74 pence.

A closely watched gauge of the world's fifth-biggest economy, the IHS Markit (Stuttgart: A1139A - news) /CIPS UK Services Purchasing Managers' Index, fell to 50.1 in January from 51.2 in December -- its lowest level since July 2016 and barely above the 50 mark that separates growth from contraction. (Reporting by Saikat Chatterjee; Editing by Tom Finn)