UK services PMI - another weak number

5 May, 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.


Source link  
The dollar remained on the ebb

The narrow trade-weighted USD index is showing a modest 0.2% loss as the London interbank opens, at 93.23, having extended the decline from...

Trump bump seemed to get renewed

That added to an already optimistic tone after signs of solid consumption growth and fixed investment in the U.S. Q2 GDP and with the strength...

Fed VC Fischer steered clear of policy

Asian stock markets moved modestly higher on the last day of the third quarter. Hopes that the U.S. tax reform will boost growth underpinned...


FTSE 100 futures are slightly higher

Asian stock markets are narrowly mixed and fluctuating at high levels, as trading volumes are low and investors await the Fed decision...

Markets have come quite a way up

Both central banks are widely expected to keep policy on hold, but the BoE’s statement in particular will be watched carefully...

Dollar traded softer vs many currencies

European Outlook: Asian stock markets mostly moved higher in quiet trade, after Wall Street managed to close with slight gains...


Oil prices are holding above USD 49

Yesterday there was a relatively dovish view from the nonvoting president, Fed Bullard, who continues to twist between a hawkish...

Dollar majors playing narrow ranges

EUR-USD held in the upper 1.18s, below the 31-month high logged midweek at 1.1910, and Cable settled in the mid 1.31s, consolidating the sharp losses...

UK100 is at 0.62% gain for the day

UK preliminary Q2 GDP came on the nose at 0.3% q/q and 1.7% y/y, up from Q1’s 0.2% in the case of the q/q figure and down from Q1’s 2.0% y/y...

  


Share: