EUR, GBP flows: Better bid on upward revisions in PMIs

A modest upward revision in May services and composite PMIs for both the Eurozone and the UK have helped a rally in EUR/USD and GBP/USD, extending the gains seen earlier in the morning. In practice, these numbers aren’t particularly significant from a longer term perspective, as they contain little impact from the tariff increases, and aren't particularly strong in any case, so shouldn’t be enough to challenge the top of the recent ranges in EUR/USD and GBP/USD. But for now, they are likely to sustain a more USD negative and risk positive tone.