UK Preliminary Services PMI steadies at 53.4 in June vs. 53.0 expected

• UK Manufacturing PMI drops to 53.4 in June, misses estimates.
• Services PMI in the UK comes in at 53.4 in June, a positive surprise
• GBP/USD rebounds to 1.2200 on mixed UK Preliminary PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) dropped to 53.4 in June versus 53.7 expected and 54.6 – May’s final reading.

Meanwhile, the Preliminary UK Services Business Activity Index for June arrived at 53.4 when compared to May’s final score of 53.4 and 53.0 expected.

FX implications

Positive surprise on the Services PMIs allowed the GBP/USD pair to briefly rebound to 1.2200 in a knee-jerk reaction.

The spot was last seen trading at 1.2183, down 0.69% on a daily basis.