UK PMI Fells to 51%, Euro-area Retail Sales Increase by 0.1%, EURGBP Slightly Lower - 3.8.2012
UK Purchasing Manager Index for services fell to 51% in July down from 51.3% in June according to the Chartered Institute of Purchasing and Supply. Economists were expecting the Services PMI to increase to 51.6% however they were disappointed. Moreover, the PMI Services drop indicates that service sector grows at a slowest pace since February 2011. The GBPUSD is rising slowly but steadily today gaining up to 50 percentage points, it was lastly seen at 1.5545.
Moreover, the Euro-area Retail Sales rose by 0.1% in June on monthly terms as it was expected, down from a revised 0.8% rise in May according to Eurostat. Additionally, Eurostat revised the May Retail Sales from 0.6% to 0.8%. However in June 2012 compared to June 2011, Retails Sales dropped by 1.2% in the Euro-area. The Euro against the British pound after a volatile trading session yesterday, it rose to resistance at 0.7864 and fell slightly after the PMI news for UK to 0.7853, at the moment is trading at 0.7859.