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Thomson Reuters
May 30 - 12:12 PM
GBP/USD - COMMENT-UK PMIs Could Set Early June Tone For Sterling
First appeared on eFXplus on May 30 - 10:45 AM

The upcoming release of Markit/CIPS UK manufacturing, construction and service sector PMIs could set the early June tone for GBP/USD following its second consecutive monthly fall.
The manufacturing PMI kicks things off on Friday, with a modest decline to 53.5 from 53.9 being the consensus expectation from 33 economists surveyed by Reuters.
The construction PMI ensues on Monday, with the key service sector PMI due Tuesday.
The service sector is the dominant segment of the UK economy (GBP fell when April's service PMI came in at 52.8 versus the 53.5 forecast).
A trio of PMI beats would hearten hawks advocating a BoE rate hike on August 2--the probability of which has recently fallen from 50% to 33%.
Cable plumbed a six-month low of 1.3205 Tuesday having started the month on a 1.37 handle.
This will be the ninth consecutive May in which GBP/USD has fallen.
The pound lost value against against the USD in April for the first time in 14 years, having started Q2 trading just above 1.4000.
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Source:
Thomson Reuters IFR Markets

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