The report about the UK Services PMI showed an unexpected growth, bolstering the Great Britain pound, but it can’t be considered completely positive as the data showed an underlying weakness of Britain’s economy.
The Markit/CIPS UK Services PMI advanced from 53.8 in May to 53.9 in June, while it was expected to drop to 53.6. Yet the report stated that the rate of expansion was below trend and the growth of new businesses slowed last month. What’s even more important the job creation “remained minimal” and the business confidence dropped to the lowest level since October.
GBP/USD climbed from 1.6080 to 1.6116 today as of 10:20 GMT following the drop to 1.5989. GBP/JPY rose from 129.87 to 130.71.
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