India, June 4 -- The British pound strengthened against other major currencies in the European session on Wednesday, following the release of PMI data that signaled a stronger than estimated growth in private sector in May.
Data from the S&P Global showed that the U.K. Services Purchasing Managers' Index or PMI rose to 50.9 in May, from 49.0 in the previous month. The PMI score was above an earlier flash estimate of 50.2.
Also, the composite PMI increased to 50.3 points in May from 48.5 points in April.
European shares inched higher, as investors braced for a 25-basis point rate cut from the European Central Bank when it meets on Thursday.
In economic releases, data showed Eurozone's services sector contracted modestly in May, with the ...