S&P Global/CIPS Services PMI comes in at 52.1 against 51.8 consensus

The S&P Global/CIPS Services PMI for the UK was released at 52.1. This figure came in above the market consensus of 51.8 and was also higher than the previous reading of 51.8. The actual print represented a 0.6% surprise versus the consensus expectation.

Following the release, market reaction in GBP pairs showed varied movements. Fifteen minutes after the data, GBPUSD moved down 8.8 pips, while GBPCAD moved down 6.6 pips. GBPJPY also declined 6.0 pips. GBPNZD moved up 3.6 pips and GBPCHF moved up 3.4 pips. EURGBP saw a minor move of -0.2 pips, and GBPAUD moved -2.5 pips. These observed movements are generally smaller compared to the historical median 1-hour moves for these pairs, which range from 7 pips for EURGBP to 23 pips for GBPNZD.