The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) dropped to 46.2 in June, down from 46.8 predicted and 47.1 in May.
Meanwhile, the Preliminary UK Services Business Activity Index for June fell to 53.7 from 55.2 in May and 54.8 predicted.
UK PMI reaction on Market
GBPUSD is flirting with 1.2700, despite the UK Manufacturing and Services PMI data being negative. On the day, the currency pair is down 0.35%.
In the London session, the GBPUSD pair is trying to stay above the round-level support of 1.2700. Despite the fact that the policy difference between the Federal Reserve (Fed) and the Bank of England (BoE) has shrunk substantially, the Cable is predicted to produce a negative breach of the aforementioned support.
S&P500 futures have extended losses in Europe, indicating a significant fall in market participants’ risk appetite. Market mood has shifted negative as investors are concerned about global growth as a result of central banks raising interest rates.
https://voiceoftraders.com/analysis/gbpusd-is-stable-at-approximately-1-2750.
