The GBP/USD added 22 points as the US dollar gave back a bit of its safe haven gains. The pound is trading at 1.5631. “The UK manufacturing sector remained in a softer growth patch in June, as rates of expansion in production and new orders moderated and remained well below those prevailing in the opening quarter of the year. Over the second quarter as a whole, growth of output and new orders was the weakest since Q1 2013.� The good news is that the manufacturing PMI has remained above 50 (the neutral zone) for 27 straight months. Also, continuing the theme of a strong domestic economy, Markit reported that “…consumer goods output continued to expand at a solid clip…� The Eurozone was the usual suspect in dampening manufacturing output. Companies reported “subdued demand� and partially blamed the high exchange rate. Sterling inched higher against the dollar on Friday, reaching an intraday high after data showed Britain’s services sector grew more than expected last month, suggesting economic growth was picking up. A purchasing managers’ index (PMI) of private-sector services rose by 2 points in June to 58.5, topping all forecasts in a Reuters poll and staying comfortably above the 50 mark that divides growth and contraction. FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

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