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UK Final Services PMI revised up to 62.4 in June, GBP/USD uninspired

  • UK Final Services PMI revised up to 62.4 in June.
  • GBP/USD remains unfazed near 1.3850 on the UK data.
  • Eyes on US ISM Services PMI as the USD bounce fizzles.

The UK services sector activity expanded more than expected in June, the final report from IHS Markit confirmed this Monday. 

The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised higher to 62.4 in June versus 61.7 expected and a 61.7 – last month’s flash reading.

Key points

Business activity growth eases slightly from May’s 24-year high.

Backlogs of work rise at the fastest pace since the survey began in 1996.

Input cost and prices charged inflation both hit record highs.

Tim Moore, Economics Director at IHS Markit, which compiles the survey

“The service sector recovery remained in full swing during June as looser pandemic restrictions released pent up demand for business and consumer services.”

“Sales growth eased slightly from May’s recent peak, but capacity constraints and staff shortages meant that many service providers struggled to keep up with new orders.”

FX implications

GBP/USD was little impressed by the upbeat UK data, keeping its range around 1.3850 following a sharp rise to three-day highs of 1.3857 seen in the last hour. The spot is up 0.21% so far.

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