Latest data released by Markit/CIPS - 5 June 2018
- Prior 52.8
- Composite PMI 54.5 vs 53.4 expected
- Prior 53.2
Solid beats, and sterling jumps on the release. GBP/USD up to a high of 1.3360 from 1.3330 levels earlier.
The services reading is the highest since February, and Markit points out that this means UK GDP is estimated to grow at a quarterly rate of 0.3% to 0.4% in Q2.
The data is decent, and reaffirms a slight rebound from Q1 but I'd be wary as the BOE is still on a wait-and-see approach heading into August and we have Brexit risks still to come in the month.
