UK Flash Services PMI Misses Estimates, Falls to 48.7 in June
The preliminary S&P Global Services PMI for the UK arrived at 48.7 in June, below the expected 50.0 and down from 49.3 in May, indicating contraction.
GBPUSD
The S&P Global/CIPS UK Services PMI flash reading came in at 48.7 for June, missing market expectations of 50.0 and falling further from May's final print of 49.3. A reading below 50 signals contraction in the services sector, which accounts for a major part of the UK economy.
This unexpected decline may raise concerns about economic activity in the second quarter. The data was released as part of the preliminary composite PMI figures. Analysts had anticipated a modest improvement above the 50 threshold, but the actual result suggests deeper weakness.
Source: FXStreet Forex News