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May 23 - 05:55 AM

EUR/GBP - Dips To 0.85 On Sub-50 French Services PMI Surprise

By Rob Howard  —  May 23 - 03:45 AM
  • EUR/GBP dips to 0.8500 on worse than expected French May services PMI print

  • 49.4 vs 51.7 f/c. 0.8500 is two pips shy of February 14 six-month low

  • German PMIs better than forecast - which is helping to prevent 0.8500 break

  • 0.8504 was Wednesday's low, after pound rose on above forecast UK CPI data

  • Sub-50 French services PMI underpins expectation of ECB rate cut on June 6

  • UK May PMIs due at 0830 GMT; services forecast at 54.7. UK election July 4

Source:
Refinitiv IFR Research/Market Commentary

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