- UK Services PMI edges higher to 53.3 in August, beats estimates.
- Manufacturing PMI in the UK climbs to 52.5 in August.
- GBP/USD extends gains above 1.3100 after upbeat UK business PMIs.
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) improved from 52.1 in July to 52.5 in August. Markets had expected a 52.1 print.
Meanwhile, the Preliminary UK Services Business Activity Index rose to 53.3 in August, compared to July’s 52.5 and the estimated 52.8 figure.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “August is witnessing a welcome combination of stronger economic growth, improved job creation and lower inflation, according to provisional PMI survey data.”
“Both manufacturing and service sectors are reporting solid output growth and increased job gains as business confidence remains elevated by historical standard,” Chris added.
FX implications
GBP/USD catches a fresh bid to hit an intraday high at 1.3114 after strong UK PMI data. The pair is trading 0.15% higher on the day, as of writing.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.02% | -0.15% | 0.16% | -0.15% | -0.12% | -0.18% | -0.26% | |
| EUR | -0.02% | -0.18% | 0.13% | -0.19% | -0.13% | -0.22% | -0.28% | |
| GBP | 0.15% | 0.18% | 0.31% | -0.01% | 0.03% | -0.05% | -0.12% | |
| JPY | -0.16% | -0.13% | -0.31% | -0.42% | -0.29% | -0.38% | -0.45% | |
| CAD | 0.15% | 0.19% | 0.00% | 0.42% | 0.04% | -0.04% | -0.11% | |
| AUD | 0.12% | 0.13% | -0.03% | 0.29% | -0.04% | -0.08% | -0.16% | |
| NZD | 0.18% | 0.22% | 0.05% | 0.38% | 0.04% | 0.08% | -0.08% | |
| CHF | 0.26% | 0.28% | 0.12% | 0.45% | 0.11% | 0.16% | 0.08% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Source: https://www.fxstreet.com/news/uk-preliminary-services-pmi-rises-to-533-in-august-vs-528-expected-202408220831