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Another mixed bag from the UK-GBP/USD lifts above 1.2380 on Service data

Well, the eagerly awaited UK PMI data has just surprised like the EU data did, with a miss on the manufacturing numbers, but a beat on services. As just noted in the previous update, the service sector in the UK is the most important and it that which has helped to lift the pound to session highs versus the dollar. That service reading was at 54.9 which is some way above the 53.1 level recorded last time. That said manufacturing fell back below 50 (fell to 48.7 from 50.3) at the same time, which is not too encouraging. However, it is the service sector that concerns the pound the most and so the GBP/USD has now lifted to above 1.2380 and given the Pound some respite from the surging dollar most recently. The EUR/GBP is a little lower too right now, trading at 0.8625. 
 

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