UK June services PMI 55.1 vs 54.0 expected

Latest data released by Markit/CIPS - 4 July 2018

• Prior 54.0
• Composite PMI 55.2 vs 54.5 expected
• Prior 54.5

Those are solid readings, and sterling is jumping on the back of the positive data beat here.

The services print hits a 8-month high and looking at the details, we're seeing new business component rise to a 13-month high while the all-sector PMI reading is the highest since October 2017. Markit points out that the data here means Q2 GDP is expected to be at +0.4% q/q relative to the +0.2% q/q reading we saw in Q1.

Cable moves back to the 1.3200 handle after falling to a low of 1.3171 prior to report release.