The pound fell against major currencies on Monday after the PMI showed an unexpected slowdown in UK private sector growth in January.

The composite purchasing managers' index, which measures manufacturing and services activity, fell to 53.4, its lowest level in 11 months, from 53.6 in December, according to IHS Markit's flash estimate. /CIPS. A level above 50 signals an expansion of activity. Economists polled by the Wall Street Journal expected a figure of 54.3. The pound lost 0.3% against the dollar, at 1.3511 dollars, and fell 0.1% against the euro, at 1.1931 euros.