- UK services PMI rises to 52.4 in July, below estimates.
- UK manufacturing PMI rises to 51.8 in July.
- GBP/USD holds losses below 1.2900 following mixed UK business PMIs.
The S&P Global/CIPS seasonally adjusted UK manufacturing Purchasing Managers’ Index (PMI) improved to 51.8 in July from 50.9 in June. The market forecast was for 51.1.
Meanwhile, the UK Flash Services Business Activity Index rose to 52.4 in July, missing the estimate of 52.5. The previous figure stood at 52.1.
Commenting on the preliminary PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said: “The preliminary PMI 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 a recovery in business confidence, while price pressures moderated.”
“The first post-election business survey paints an encouraging picture for the new government, with companies operating in the manufacturing and services sectors gaining optimism about the future, reporting renewed growth in demand and hiring in greater numbers,” Chris added.
Implications on the foreign exchange market
GBP/USD remains unchanged near 1.2885 following mixed UK PMI data. The pair is trading 0.14% lower on the day, at the time of writing.
Pound Sterling PRICE Today
The table below shows the exchange rate of the British Pound (GBP) against major currencies today. The British Pound was the weakest currency 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 heatmap shows percentage changes of major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the chart will represent the GBP (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
