The UK manufacturing and services sector activities showed a deeper contraction in April, the preliminary report from IHS Markit showed this Thursday.
The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) plunged to a record low of 32.9 in April versus 42.0 expected and 47.8 – March's final reading.
Meanwhile, the Flash UK Services Business Activity Index for April also came in at a record low of 12.3 versus March's final readout of 34.5 and 29.0 expected.
The slump in the UK Preliminary Manufacturing and Services PMI did little to keep the GBP bulls at bay, as GBP/USD kept its recovery mode intact around 1.2340. The terrible data were already priced-in by the markets.
Source : Fxstreet