UK Preliminary Services PMI drops to 53.7 in June vs. 54.8 expected
- UK Manufacturing PMI declines to 46.2 in June, disappoints markets.
- Services PMI in the UK comes in at 53.7 in June, misses expectations.
- GBP/USD challenges bulls near 1.2700 on disappointing UK business PMIs.
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 46.2 in June versus 46.8 expected and, 47.1 – May’s final readout.
Meanwhile, the Preliminary UK Services Business Activity Index for June dipped to 53.7 compared with a 55.2 final print for May and 54.8 expected.
FX implications
GBP/USD is flirting with 1.2700, keeping the red on the downbeat UK Manufacturing and Services PMI data. The currency pair is losing 0.35% on the day.