UK January services PMI 38.8 vs 45.0 expected

Author: Giles Coghlan | Category: News

Markit/CIPS - Jan 22

  • Manufacturing 52.9 vs 53.6 expected
  • Prior 57.5
  • Composite 40.6 vs 45.5 expected 
  • Prior 50.4
Ouch that's a bad miss. Fastest rate of contraction since May 2020. Understandably, GBPUSD not liking it and GBPUSD falling back through S1 daily pivot at 1.36663. DXY finding buyers helped by the falling GBP. Increased restrictions in the UK being felt strongly in the services sector. 


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