UK Preliminary Services PMI improves to 52.4 in July vs. 52.5 expected
- UK Services PMI rises to 52.4 in July, misses estimates.
- Manufacturing PMI in the UK climbs to 51.8 in July.
- GBP/USD keeps losses below 1.2900 after mixed UK business PMIs.
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) improved from 50.9 in June to 51.8 in July. The market forecast was for 51.1.
Meanwhile, the Preliminary UK Services Business Activity Index rose to 52.4 in July, missing the estimated 52.5 print. The previous figure stood at 52.1.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “The flash PMI survey data for July signal an encouraging start to the second half of the year, with output, order books and employment all growing at faster rates amid rebounding business confidence, while price pressures moderated.”
“The first post-election business survey paints a welcoming picture for the new government, with companies operating across manufacturing and services having gained optimism about the future, reporting a renewed surge in demand and taking on staff in greater numbers,” Chris added.
FX implications
GBP/USD remains unimpressed near 1.2885 after mixed UK PMI data. The pair is trading 0.14% lower on the day, as of writing.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.20% | 0.16% | -0.53% | 0.07% | 0.28% | 0.52% | -0.21% | |
| EUR | -0.20% | -0.04% | -0.74% | -0.14% | 0.09% | 0.32% | -0.41% | |
| GBP | -0.16% | 0.04% | -0.68% | -0.09% | 0.12% | 0.37% | -0.38% | |
| JPY | 0.53% | 0.74% | 0.68% | 0.62% | 0.82% | 1.05% | 0.32% | |
| CAD | -0.07% | 0.14% | 0.09% | -0.62% | 0.22% | 0.46% | -0.29% | |
| AUD | -0.28% | -0.09% | -0.12% | -0.82% | -0.22% | 0.24% | -0.53% | |
| NZD | -0.52% | -0.32% | -0.37% | -1.05% | -0.46% | -0.24% | -0.74% | |
| CHF | 0.21% | 0.41% | 0.38% | -0.32% | 0.29% | 0.53% | 0.74% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
