The pound has risen to a fresh 5-year high today on the back of another strong PMI reading. The all-important service sector PMI rose to its highest level in 2014 so far in April, and this data suggests that Q2 had a strong start after stellar growth in the first quarter. This data has coincided with the OECD’s latest global growth forecasts; while US, China and Japan’s growth forecasts were all cut, Europe saw growth forecasts revised higher. The UK is expected to see the strongest growth out of the G7 this year. All of this positive growth data has a consequence – how long can the Bank of England keep rates at ... (full story)