GBP, EUR flows: UK PMI Matches 2023 and 2025 low

Unsurprisingly after the Eurozone data, the UK services PMI also dips sharply in May, matching the low from April 2025 and September 2023. GBP has slipped a little lower but the EUR and GBP are both holding up remarkably well thus far in view of the weak data. We doubt this will continue, especially if the US PMI data this afternoon proves more resilient, as we suspect it will. Although there is likely to be some weakness, the US will probably be hit less hard than Europe, and the US S&P PMI is in nay case treated with more scepticism.