FxWirePro: EUR/GBP trades a narrow range, focus on UK PMI data
EUR/GBP trades a narrow 25 pip range, markets now await UK prelim manufacturing and services PMI data. Prior month readings: manufacturing PMI at 52.1 in June, up from 50.1 in the previous month, while Services PMI fell …
EUR/GBP trades a narrow 25 pip range, markets now await UK prelim manufacturing and services PMI data.
Prior month readings: manufacturing PMI at 52.1 in June, up from 50.1 in the previous month, while Services PMI fell to 52.3 in June from 53.5 the previous month.
Surveys expect both results to retreat to sub-50 levels in response to expected higher uncertainty in the economy after the recent Brexit decision.
The last time manufacturing PMI came in below the expansion threshold was in April 2016 (49.4), while the Services PMI posted sub-50 levels for the last time in December 2012 (48.9).
Upbeat German PMIs to keep downside capped. Downside also finds strong trendline support at 0.8280 levels.
Germany Markit PMI Composite above forecasts at 55.3 (consensus 53.7), Services PMI at 54.6 above forecasts of 53.2, Manufacturing PMI came in at 53.7, above forecasts of 53.5.
