UK Preliminary Services PMI contracts to 48.9 in April vs. 51.3 expected

·       UK Services PMI dipped to 48.9 in April, missing expectations.

·       Manufacturing PMI in the UK unexpectedly declined to 44 in April.

·       GBP/USD posts moderate losses below 1.3300 after UK business PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) eased to 44 in April from 44.9 in March. The data matched the market consensus of 44 in the reported period.

Meanwhile, the Preliminary UK Services Business Activity Index contracted to 48.9 in April versus March’s 52.5 while coming in below the 51.3 expected figure.