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UK Preliminary Services PMI declines to 52.9 in May vs. 54.7 expected

  • UK Services PMI dropped to 52.9 in May.
  • Manufacturing PMI in the UK expanded to 51.3. in May.
  • GBP/USD holds higher ground near 1.2740 after mixed UK business PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) rebounded from 49.1 in April to 51.3 in May, beating 49.5 expectations.

Meanwhile, the Preliminary UK Services Business Activity Index fell to 52.9 in May, missing the market consensus of 54.7. The previous figure stood at 55.0.

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “The flash PMI survey data for May signaled a further expansion of UK business activity, suggesting the economy continues to recover from the mild recession seen late last year.”

“The survey data are consistent with GDP rising by around 0.3% in the second quarter, with an encouraging revival of manufacturing accompanied by sustained, but slower, service sector growth,” Chris added.

FX implications

GBP/USD is holding gains after mixed UK PMI data. The pair is adding 0.15% on the day to trade at 1.2734, as of writing.

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the US Dollar.

 USDEURGBPJPYCADAUDNZDCHF
USD -0.19%-0.14%-0.05%-0.13%-0.11%-0.30%-0.15%
EUR0.19% 0.06%0.15%0.09%0.09%-0.09%0.03%
GBP0.14%-0.06% 0.10%-0.02%0.03%-0.17%-0.04%
JPY0.05%-0.15%-0.10% -0.09%-0.07%-0.32%-0.13%
CAD0.13%-0.09%0.02%0.09% 0.03%-0.16%-0.04%
AUD0.11%-0.09%-0.03%0.07%-0.03% -0.19%-0.08%
NZD0.30%0.09%0.17%0.32%0.16%0.19% 0.13%
CHF0.15%-0.03%0.04%0.13%0.04%0.08%-0.13% 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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