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Preliminary UK services PMI falls to 52.9 in May, compared to 54.7 expected

  • The UK services PMI fell to 52.9 and the Manufacturing PMI rose to 51.3 in May.
  • In reaction, the GBP/USD pair remains higher near 1.2740.

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

For its part, the preliminary index of business activity in the United Kingdom services sector fell to 52.9 in May, disappointing the market consensus, which placed it at 54.7 points. The previous figure stood at 55.0.

Commenting on the preliminary PMI data, Chris Williamson, Chief Economist at S&P Global Market Intelligence, commented: “Preliminary PMI data for May signals a further expansion in business activity in the UK, suggesting the economy is still recovering from the slight recession observed at the end of last year.

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

Repercussions on the currency market

GBP/USD maintains gains after mixed UK PMI data. The pair rose 0.15% on the day and is trading at 1.2734 at the time of writing.

Pound Sterling Prices Today

The following table shows the percentage change of the British Pound (GBP) against the currencies listed today. The British Pound was the strongest currency 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 the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the British Pound from the left column and move down the horizontal line to the US Dollar, the percentage change in the box will represent GBP (base)/USD (quote).

Source: Fx Street

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