GBP rose on Wednesday against a basket of world currencies to widen its gains for a second straight day against USD, hitting a one-week high, supported by comments by a member of the central bank and benefiting from the fall of the greenback against most major currencies. Later in the day, important data on the services sector was one of the main sectors of the economy, which indicates the recovery of the royal economy during the second quarter of this year.

GBP rose against the dollar by 0.2% as of 07:15 GMT, trading at $ 1.3215, the opening price of $ 1.3192, and the highest at $ 1.3228 and the lowest at $ 1.3187.

The pound ended yesterday’s trading up 0.4% against the dollar, its second gain in the last three days, as the greenback fell, supported by data showing the construction sector better than expected in June.

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Michael Saunders, a member of the Bank of England’s monetary policy committee, said interest rates in the country may need to rise at a faster pace than expected. He stressed that if the economy grew by the target, interest rates could be raised faster than market expectations.

The Dollar Index fell more than 0.2% on Wednesday, extending losses for the second day in a row, reflecting the continued decline of the US currency against a basket of global currencies, with investors waiting for new signs this week on the pace of raising US interest rates during the second half of this year.

Investors are looking forward to important data on the UK services sector in June, providing strong evidence of the pace of recovery in the second quarter of 2018, after the first-quarter growth slowed.

By 0830 GMT, the expected PMI is expected to rise to 54.0 in June and the index reached 54.0 in May.