EUR, GBP flows: UK PMIs particularly weak, GBP a little softer

The UK services PMI is notably weaker than expected, with manufacturing also falling, and the composite UK index equals its lowest since the pandemic. As in the Eurozone, the services weakness is the most notable, although we would add the caveat that the UK PMIs are not particularly good indicators for the official production and GDP data, particularly on the manufacturing side. Nevertheless, the UK data is weak enough to propel EUR/GBP a little higher, although it remains well below yesterday’s highs. The Eurozone PMIs turned out a little stronger than the French and German numbers suggested, and should help EUR/USD to hold near current levels, with the focus now very much on how the US numbers turn out.