Latest data released by Markit/CIPS - 3 April 2019

  • Prior 51.3
  • Composite PMI 50.0 vs 51.1 expected
  • Prior 51.5

That's a notable miss on the services sector reading and drags the composite reading to basically flat levels for March. Markit notes that this points to UK GDP stagnating in Q1 with economic activity even contracting in March.

For some context, that's the lowest print in services since July 2016; similar for the composite print as well. But once again, it highlights the sort of drag that Brexit uncertainty is having on the UK economy.

Cable dips a little on the data, falling to 1.3150 levels from around 1.3170 earlier but still remains relatively buoyant on Brexit developments.