Adrian Schmidt

Senior FX Strategist

<figure><figure><figure><img src="https://assets.continuumeconomics.com/storage/uploads/664ee5e7c3e59.png" style="width:100%;"></figure>Disappointing UK PMI with services dropping sharply. Although manufacturing improved, the composite is significantly lower than expected. EUR/GBP bouncing from 0.85 but upside looks quite limited with a June rate cut looking all the more unlikely given the July 4 election.<figure><figure><img src="https://assets.continuumeconomics.com/storage/uploads/664f01a71dee2.png" style="width:100%;"></figure></figure></figure></figure><figure>&nbsp;</figure><figure>&nbsp;</figure>&nbsp;

Eurozone PMI slightly avove expectations driven by strong manufacturing

Clone - EUR flows: EUR firm on better Eurozone PMI

GBP flows: GBP slips wih UK PMI

GBP flows: GBP slips wih UK PMI

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