The first sign of Brexit doesn’t look so good
The UK services and manufacturing data was released a while ago. This was a special release because the July economic data is usually released in August. Markit, which is the firm that carries out the survey said that they would issue a flash PMI report on services and manufacturing to provide clarity on the Brexit vote and on the impact it has had so far on the British economy. They also said that this was a response from the demand of its users.
GBP/USD is about 180 pips lower than before the economic data was released
So, the numbers were released and they didn´t look good at all. The manufacturing PMI came out better than expected but about three points below the previous month which puts this sector well in contraction. The services PMI came out even worse, the number was expected at 48.9 but it came at 47.4. Below 50 points means that the sector is in contraction. What´s disturbing is that the service sector was the leading one in the UK during the recovery and with this sector in trouble we all know where the UK economy is headed. The Pound has tumbled nearly 200 pips down.
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