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UK flash PMI data mixed but better on balance- GBP/USD lifts

The UK December flash PMI data has just hit the screens. Just as with the French and German data earlier, the markets were looking for a modest improvement in the equivalent UK data this morning, with the services and composite components remaining in expansionary territory above 50. Well, that is certainly the case, because the service reading has risen to 52.7 and that has helped to push the composite reading to 51.7. However, the manufacturing reading has slipped to 46.4, which was below the 47.5 reading forecast. The GBP/USD had slipped to around 1.2740 ahead of these releases. The data has helped it to rebound and currently trading at 1.2760. On balance this was good data, notwithstanding the miss on manufacturing

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