Market Analysis

The GBP/JPY cross is experiencing selling pressure, trading around 196.65 during the early European session on Thursday.

S&P 500 futures were down by 0.10% prior to the European market opening, while the Nikkei closed lower by over 3%, reaching its lowest point since late April. 

On Wednesday, data revealed that UK business activity grew in July. The UK S&P Global Flash Composite Purchasing Managers’ Index (PMI) increased to 52.7 in July from 52.3 in June.

Additionally, the Manufacturing PMI rose to 51.8 in July from 50.9, marking the highest level in two years. The Services PMI also advanced to 52.4 from 51.2 during the same period, though it fell short of the consensus estimate of 52.5.

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Paraphrasing text from "FX Street" all rights reserved by the original author.