UK services PMI - another weak number

May 5, 2016

UK Services PMI growth the weakest in over three years: This is a full set of three big misses in the three PMI surveys for April. The headline services number fell to 52.3, the lowest level since February 2013, and well off both the median for 53.5 and the 53.7 reading in the previous month. The manufacturing PMI unexpectedly dove to a contractionary 49.2 reading, the weakest level seen since February 2013, and the construction PMI fell to its weakest level since June 2013. The composite PMI worked out at 51.9, down from 53.6 in March. Markit estimates that the UK GDP fell to just 0.1% q/q growth in the three months to April, down from 0.4% growth in Q1. Markit notes that the early timing of Easter this may have affected the service sector, but also notes that “April also saw an increase in the number of companies reporting that uncertainty about the EU referendum caused customers to hold back on purchases,” which is exacerbating already shaky demand amid fiscal tightening and global uncertainties.

Technically, GBPUSD has come off its 2016 highs, with support at 1.4418 and 1.4283 (50 DMA) and resistance at the recent 2016 high at 1.4667 and 1.4700.

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