BREAKING: EURUSD muted after US Flash PMI report 📌

02:45 PM BST, United States - PMI Data for July:

• S&P Global Services PMI: actual 56.0; forecast 54.7; previous 55.3;
• S&P Global Composite PMI: actual 55.0; previous 54.8;
• S&P Global US Manufacturing PMI: actual 49.5; forecast 51.7; previous 51.6;

In July, US business activity growth reached its fastest pace in 27 months, driven by strong performance in the service sector, according to S&P Global flash PMI data. The Flash US PMI Composite Output Index rose to 55.0, a slight increase from June's 54.8, marking continuous growth over the past 18 months.

The Flash US Services Business Activity Index hit a 28-month high at 56.0, while the manufacturing sector saw declines, with the Flash US Manufacturing Output Index and PMI both dropping to 49.5. Despite the growth, employment rose at a slower rate and business confidence fell due to political uncertainty and high living costs. Additionally, prices for goods and services rose at a slow pace, although input costs increased sharply.

The data continue to be in a significant divergence between the ISM report. Market reaction is limited so far following the publication of the preliminary data for July.