GBP/USD is stalled within a channel between 1.2160 and 1.2315.
It's been a two-way street in global equities, with a rally in the US session vs risk-off day overnight with European bourses pressured overall. The PMI's preliminary composite index held at 53.1 in June, above the median forecast of 52.6 in a Reuters poll of economists and unchanged from May. But the PMI's measure of new orders effectively stagnated as it fell to 50.8, the lowest in over a year. Factory orders dipped below the 50.0 growth threshold to 49.6.
On the upside, job creation was the strongest in three months, in the latest sign of the strength in the labour market. Meanwhile, the BoE said last week it was ready to act "forcefully" if it saw signs of persistent inflation pressures, suggesting it might raise interest rates by more than its standard quarter-point increase despite fears of a recession. Overnight index swaps are continuing to price in 50bp moves by the BoE at the next 3 meetings. This lays out a path that would leave Bank Rate above 3% by year-end.
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