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May 24 - 06:55 AM

GBP/USD - Slides Through 1.25 After Big UK Service PMI Miss

By Rob Howard  —  May 24 - 04:50 AM
  • Cable sinks to 1.2482 on May's much worse than expected UK service PMI

  • 51.8 vs 57.0 f/c nZRN004HAX. Service sector is dominant segment of UK plc

  • 1.2482 = intra-day low. 1.2568-1.2596 was early London range, pre-UK PMIs

  • 1.2482 was also Monday's low (before rally to 1.26, high since May 5)

  • UK service PMI miss spurs dovish shift in BoE interest rate expectations

  • 8% chance of 50 bps BoE hike on June 16 vs 21% chance pre-UK PMIs BOEWATCH

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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