Flash PMI indices for April from the United Kingdom were released today at 9:30 am BST. Report was expected to show an uptick in manufacturing gauge as well as downtick in services index.
Actual data turned out to be a mixed bag, just as was the case with French and German releases earlier today. Manufacturing index unexpectedly dropped and moved below 50 pts expansion-contraction threshold. Meanwhile, services gauge surprised to the upside. Markets seem to look past manufacturing index dropping into contraction territory as GBP gained following the release.
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- Manufacturing: 48.7 vs 50.4 expected (50.3 previously)
- Services: 54.9 vs 53.0 expected (53.1 previously)
GBPUSD gained following release of mixed flash PMIs from UK. The pair jumped and reached a fresh daily high near 1.2375. Source: xStation5
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