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The GBP/USD pair hovers above the 1.2400 mark after the last week’s USD boost from stronger-than-expected jobs data.
The US economic indicators reveal a mixed story, with weakening factory orders and a fall in Non-Manufacturing PMI. UK outpaces expectations with S&P Global Services and Composite PMIs, adding pressure on the Bank of England to address inflation concerns.
Last week, the US Bureau of Labor Statistics (BLS) revealed May’s data, showing the creation of more than 300K jobs, but on Monday, the story is different as Factory Orders in the US weakened, from 0.6% to 0.4% in May, less than estimates.
The Institute for Supply Management (ISM) revealed that the Non-Manufacturing PMI fell to 50.9 from April’s 51.9, portraying that the economy is weakening. After the data, the US dollar weakened, as shown by the US Dollar Index (DXY). On the UK front, the S&P Global Services and Composite PMIs beat estimates, with the Services Index registering a 55.2, exceeding forecasts.
