A small slowdown in Britain’s services sector according to Markit: the services PMI slides to 57.4 points. They say that Q2 growth will be around +0.6%, lower than the official initial estimate.
GBP/USD remains in high range just around 1.56.
Markit’s third and final purchasing managers’ index for the UK was expected to tick down from 58.5 to 58.1 points in July for the services sector, the largest and most important one. Here is the preview: trading the services PMI with GBPUSD.
GBP/USD traded around 1.56 towards the publication, rising from the lows of 1.5525 seen in the Asian session.
Cable was struck down earlier due to the greenback’s strength. The USD advanced on growing expectations for a rate hike in September in the US, fueled by comments coming from FOMC member Lockhart.
Earlier in the week, UK manufacturing PMI came out at 51.9 points, slightly above expectations, while construction PMI hit 57.1 points, below expectations.
Tomorrow is another busy day for the pound, when we have a combination of both a rate decision and perhaps more importantly the meeting minutes from the previous decision. This time, there could be dissenters.
More: Cable: Right Shoulder Of H&S Top – JP Morgan
