UK Preliminary Services PMI edges lower to 55.1 in May vs. 55.5 expected
|- UK Manufacturing PMI contracts further to 46.9 in May, a downside surprise.
- Services PMI in the UK comes in at 55.1 in May, misses expectations.
- GBP/USD challenges monthly lows near 1.2385 on disappointing UK business PMIs.
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 46.9 in May versus 48.0 expected and, 47.8 - April’s final readout.
Meanwhile, the Preliminary UK Services Business Activity Index for May slipped to 55.1, compared with a 55.9 final print for April and 55.5 expected.
FX implications
GBP/USD is testing monthly lows near 1.2385 on the downbeat UK Manufacturing and Services PMI data. The currency pair is losing 0.38% on the day to trade at 1.2389, at the press time.
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