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GBP/USD steady at lower levels ahead of UK PMI data release

We have seen the mixed PMI data from France and Germany which was very much in contrast to each other. Now we have also seen the wider EU readings too. At 8.30am GMT we will get the equivalent numbers form the UK and that might be interesting, to see if that underscores the decision by the BOE to hold rates yesterday, or not. The US data equivalents will also be released later today, at 1.45pm GMT. So, ahead of the UK numbers, the GBP/USD has not yet broken any fresh ground outside of the range seen yesterday. The pound has traded in a range of 1.2251 to 1.2304. As to how it trades from here could be influenced by the UK PMI data, but we shall have to see what that reveals. The markets are expecting a modest improvement on the July data in respect of manufacturing, but almost unchanged on services. An update will follow here once the data is known. Meanwhile, the GBP/USD is just now at 1.2260

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