The UK services sector fell to a six-month low in July

The data showed that the composite PMI, which combines the manufacturing and services sectors in the United Kingdom, fell to 50.7 points in July, compared to 52.8 points in June.

The services PMI fell to 51.5 points in July, compared to 53.7 points in June, its lowest level in six months, and the manufacturing PMI fell to 45.0 points in July, compared to 46.5 points in June, its lowest level since May 2020.

Sterling and British government bond yields fell after the data, and markets still expect interest rates to rise to 5.25% or possibly 5.5% next week after the Bank of England raised interest rates to 5% from 4.5%.