UK Manufacturing PMI revised lower- GBP/USD little changed so far

There have been a number of PMI revisions across Europe this morning and they have been mixed for the most part. The last of those has just this minute dropped across the wires from the UK and it was a little disappointing. The UK S+P global manufacturing PMI reading has just revised down to 51.9 from a prior reading of 52.8. To be honest that prior reading looked a little ambitious anyway, so we do not think too many operators are surprised by the downward revision. 

The Pound has not really reacted much to this data so far either. The GBP/USD was trading around 1.3458 as the news broke. It is currently trading around the same level, but within that we do note the dollar is still trying to make headway versus the Yen and the Euro. As we said earlier, this looks corrective and we simply have to remind ourselves; the USD/JPY is still controlling all the shots out there at the moment. The GBP/USD is right now at 1.3459