UK Preliminary Services PMI drops to 53.7 in June vs. 54.8 expected

• UK Manufacturing PMI declines to 46.2 in June, disappoints markets.
• Services PMI in the UK comes in at 53.7 in June, misses expectations.
• GBP/USD challenges bulls near 1.2700 on disappointing UK business PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 46.2 in June versus 46.8 expected and, 47.1 -  May’s final readout.

Meanwhile, the Preliminary UK Services Business Activity Index for June dipped to 53.7 compared with a 55.2 final print for May and 54.8 expected.

FX implications

GBP/USD is flirting with 1.2700, keeping the red on the downbeat UK Manufacturing and Services PMI data. The currency pair is losing 0.35% on the day.