Pound falls on UK services data

London - The pound fell against the euro by the most in a week on Monday as a report showed UK services grew at their slowest pace in more than two years in September.

Sterling trimmed its gains against the dollar and approached its weakest level in almost five months versus the euro after the Purchasing Managers’ Index for services dropped to 53.3, the lowest since April 2013, from 55.6 in August, according to Markit Economics.

That was below the lowest of 25 economist estimates in a Bloomberg survey.

The pound depreciated 0.4% to 74.13 pence per euro at 11:12, after reaching 74.43 pence on October 2, its weakest level since May 7. Sterling was little changed at $1.5199.