Preliminary PMI for Services: 51.2 (52.9 expected; 52.8 previously)
Preliminary PMI for Manufacturing: 48.2 (48 expected; 47.7 previously)
The British Pound lost ground today after disappointing UK PMI data for July signaled a slowdown in the nation's economic recovery. While Manufacturing PMI saw a slight uptick to 48.2, it remains in contraction. More concerning was the Composite PMI, which fell to 51.0, missing expectations and indicating a loss of momentum in the services sector.
This slowdown points to easing output growth and declining new work. For the Bank of England, the accelerating input price inflation is a worry, suggesting persistent price pressures. However, the report's highlight of a weaker jobs situation, with "sharply reduced headcounts," could push the BOE to cut rates in August. Moreover economists expect that the Bank of England has more room to cut this cycle than the Fed which may be negative for the GBPUSD in the mid-term.
S&P Global emphasized that the UK economy is "struggling to expand," with output growth hinting at a mere 0.1% quarterly rate. This sluggish growth and job cuts will likely increase pressure on the Bank of England to prioritize stimulating growth over immediate inflation concerns.
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