020 7898 0500Recent fears over the ways in which Brexit uncertainty is affecting different sectors in the UK were abated a little yesterday following the release of two PMI readings. Composite PMI had been expected to climb a little higher to 53.4 in May from 53.2 in April, but the figure actually came in at 54.3.
UK services PMI also beat forecast by coming in at 54.0 against an expected figure of 53.0. The releases helped boost sterling against the euro and dollar and it will be hoped that this trend can continue. Meanwhile, new car sales came in at 3.4% in May which was quite a drop from 10.4% the month before. However, there were a few mitigating factors at play last month, so the reading isn’t quite as bad as it might first appear.
There are no major releases today, but we will see two Bank of England members delivering speeches. It is possible they will say something of interest that could cause some sterling movements.
