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UK PMI data below forecasts- GBP/USD holds and edges higher
The September UK Manufacturing and services sector PMI reports have just been released. The markets were by and large expecting a pretty much unchanged picture from that seen in August. The data has revealed a miss on both. Services fell back to 52.8 (expected 53.5) and manufacturing was at 51.5 (52.2 forecast). However, both were still into expansionary territory. Ahead of this data, the GBP/USD had been dragged lower by the fall below the 1.11 handle in the EUR/USD, notwithstanding a corresponding fall in the EUR/GBP, as covered here. The GBP/USD has traded to below 1.3250 (1.3249 the low) ahead of these reports. It was edging off that low as the data hit the screens. The GBP/USD has not reacted negatively yet to this data, currently trading at 1.3261. The point here; this data has significantly beaten anything seen in France and Germany this morning
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