- Prior 53.7
- Manufacturing PMI 45.0 vs 46.1 expected
- Prior 46.5
- Composite PMI 50.7 vs 52.4 expected
- Prior 52.8
That's another disappointing one, this time for the UK and the pound. The robustness in the services sector is waning fast and manufacturing continue to sit well in contraction territory. That is leading to just a marginal growth in July for the UK economy. GBP/USD is being dragged lower on the day from 1.2850 to a fresh session low of 1.2813 currently.
Looking at the details of the report, new orders have basically flatlined and a weaker property market is now putting a fresh drag on discretionary business and consumer spending. But at least price pressures are seen easing further and that could help to brighten up the picture on the inflation front.