Latest data released by Markit/CIPS - 5 June 2019
- Prior 50.4
- Composite PMI 50.9 vs 51.0 expected
- Prior 50.9
The services print improves slightly but the main lift comes from the expectations component, which rose from 63.9 in April to 65.4 in May. That's not exactly the kind of boost that will provide much confidence given that Brexit uncertainty will still weigh on the overall economic outlook. As a whole though, the composite reading remains unchanged and Markit notes that this suggests that the UK economy is "close to stagnation". That pretty much sums things up in my view.
Cable holds firm on the back of dollar weakness still, trading at 1.2722 near session highs. But EUR/GBP is near flat levels at 0.8863 at the moment. There's nothing from the release here to really move the needle in the pound.
