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.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.19% -0.14% -0.05% -0.13% -0.11% -0.30% -0.15%
EUR 0.19%   0.06% 0.15% 0.09% 0.09% -0.09% 0.03%
GBP 0.14% -0.06%   0.10% -0.02% 0.03% -0.17% -0.04%
JPY 0.05% -0.15% -0.10%   -0.09% -0.07% -0.32% -0.13%
CAD 0.13% -0.09% 0.02% 0.09%   0.03% -0.16% -0.04%
AUD 0.11% -0.09% -0.03% 0.07% -0.03%   -0.19% -0.08%
NZD 0.30% 0.09% 0.17% 0.32% 0.16% 0.19%   0.13%
CHF 0.15% -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).

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD advances toward 1.0750 on renewed US Dollar selling

EUR/USD advances toward 1.0750 on renewed US Dollar selling

EUR/USD is extending its mild recovery toward 1.0750 early Europe on Tuesday. Risk flows remain and exert additional downside pressure on the US Dollar while Euro traders reposition ahead of Sunday's French election. Mid-tier US data and Fedspeak stay in focus.

EUR/USD News

GBP/USD recovers to 1.2700 as US Dollar weakness extends

GBP/USD recovers to 1.2700 as US Dollar weakness extends

GBP/USD is recovering to test 1.2700 in the European morning on Tuesday. Extended US Dollar weakness due to improved market mood, aids the pair's latest uptick. Traders look to the US sentiment data and Fed speeches for further impetus, as the UK calendar remains data-quiet. 

GBP/USD News

Gold struggle extends above $2,300, with Fedspeak on tap

Gold struggle extends above $2,300, with Fedspeak on tap

Gold price is reversing a part of Monday’s rebound, as sellers fight back early Tuesday amid a risk-on market profile. The US Dollar nurses losses alongside the US Treasury bond yields, undermined by the dovish commentaries from Federal Reserve policymakers.

Gold News

Tron price primed for a surge after breaking descending trendline barrier

Tron price primed for a surge after breaking descending trendline barrier

Tron price has surged above and retested the descending trendline, indicating a bullish market structure. On-chain data reveals increasing activity among TRX active accounts, suggesting heightened blockchain usage that may fuel an impending rally in Tron’s price.

Read more

US Dollar offered, but intra-day momentum indicators are stretched

US Dollar offered, but intra-day momentum indicators are stretched

The Dollar Index reached its best level since May 1 before the weekend but has come back softer against all the G10 currencies and most emerging market currencies.

Read more

Forex MAJORS

Cryptocurrencies

Signatures