UK Markit/CIPS May services PMI report 3 June 2016
- 52.3 prev
- composite 53.0 vs 52.3 exp vs 51.9 prev
Better than expected data but GBP no higher, suggesting that the buying had already been done into the release.
Also out UK official reserves
- $-1.168bln vs +728m prev
Full report from the BOE here
GBPUSD 1.4427 from 1.4432 EURGBP 0.773O vs 0.7727
Markit now out with a less than enthusiastic summary which helps explain the muted response.
- weakest measure of new business since late 2012
- May surveys suggest GDP slowing to +0.2% in Q2
- expectations in services sector improve but hinge on EU referendum
