S&P Global/CIPS Services PMI comes in at 52.5 against 52.8 consensus
| Pair | Now | Since publish |
|---|---|---|
| GBPUSD | — | — |
The S&P Global/CIPS Services PMI for the UK was released today, showing a reading of 52.5. This figure came in below the consensus expectation of 52.8. The previous month’s reading was also 52.8. The actual print represented a -0.6% surprise compared to the market consensus.
Following the release, the British Pound showed varied movement against major currencies. Fifteen minutes after the data, EURGBP was up 2.1 pips, while GBPAUD was down 6.6 pips. GBPCAD saw a decline of 1.7 pips, and GBPCHF was down 1.1 pips. GBPJPY moved down 14 pips, and GBPNZD was up 1.4 pips. GBPUSD registered a 0.6 pip decline. These initial movements are generally smaller than the median 1-hour moves observed after past S&P Global/CIPS Services PMI releases. For context, EURGBP typically sees a median 1-hour move of 7 pips, GBPAUD 21 pips, GBPCAD 17 pips, GBPCHF 12 pips, GBPJPY 18 pips, GBPNZD 22 pips, and GBPUSD 14 pips.