UK services PMI rose to 52.8 in July, beating forecasts, while retail sales contracted 0.5% month-over-month, offsetting gains.
The British Pound steadied above 216.50 Japanese Yen after UK data showed diverging economic signals. July’s services PMI climbed to 52.8, exceeding expectations, while manufacturing slowed to 51.5, matching forecasts. The composite PMI rose to 52.5, defying predictions of a decline.
Retail sales fell 0.5% in July, in line with consensus, following a 0.7% gain in June. Year-over-year sales growth slowed to 1.6%, below the 2.2% forecast. Japan’s CPI accelerated to 1.9% in July, reinforcing expectations for a Bank of Japan rate hike in September.