UK Preliminary Services PMI falls to 51.5 in July vs. 53.0 expected

• UK Manufacturing PMI declines to 45.0 in July, below expectations of 46.1.
• Services PMI in the UK drops to 51.5 in July, misses estimates.
• GBP/USD drops toward 1.2800 on disappointing UK business PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) declined to 45.0 in July versus 46.1 expected and, 46.5 –  June’s final readout.

Meanwhile, the Preliminary UK Services Business Activity Index hit a six-month low of 51.5c in July, compared with a 53.7 final print for June and 53.0 expected.

FX implications

GBP/USD is losing 0.22% on the day to trade at 1.2822, as of writing. The downbeat UK Manufacturing and Services PMI data is weighing heavily on the Pound Sterling.