The Pound Sterling (GBP) demonstrates stability against its major peers on Tuesday, with investors awaiting preliminary United Kingdom (UK) S&P Global Purchasing Managers' Index (PMI) data for July, scheduled for release on Thursday.
Investors will closely monitor the UK PMI data to get cues about whether the impact of a hiring slowdown has started flowing into the economy. The report is expected to show that the overall business activity grew moderately. The Composite PMI is expected to have dropped slightly to 51.9 from 52.0 in June.
UK employers have restricted fresh hiring to offset increased employee costs, following the effectiveness of an acceleration in employers' contributions to social security schemes.
Meanwhile, market expectations for the Bank of England's (BoE) interest rate decision in the monetary policy announcement next month will be a key trigger for the Pound Sterling. The BoE is almost certain to cut interest rates by 25 basis points (bps) to 4%.
Source: Fxstreet
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