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UK services PMI returns to growth in July

The Services PMI rose to 51.8 in July after falling in June, and the composite PMI also returned to growth, with GBP/USD up 0.1% near 1.3326 after the release.

Reported · Written up by our desk · Major Pairs

FXStreet said preliminary data showed the UK S&P Global Services Purchasing Managers’ Index returned to expansion in July, landing at 51.8 after declining in June.

The report added that the composite PMI also returned to growth, reaching 52.1 versus an estimate of 49.7, while manufacturing accelerated to 52.8 from 52.5, indicating faster business activity across the survey components.

According to FXStreet, analysts noted stronger activity in July suggested a quicker pace of growth at the start of the third quarter, with hospitality demand supported by weather, the FIFA World Cup, and domestic holidays, though services growth remained weighed down by cost of living pressures.

FXStreet further said a slight selling pressure was seen in the British pound after the data, with GBP/USD trading 0.1% higher near 1.3326 at the time of publication.

Latest closeGBP/USD 1.331 ▼0.5%

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