UK Preliminary Manufacturing PMI improves to 60.7 in April, GBP/USD stays below 1.39

The UK manufacturing and services sector activities improve further in April, the preliminary report from IHS Markit showed this Friday. more to come  |  23/04/2021 08:32
  • UK Manufacturing PMI beats estimates with 60.7 in Apr.
  • Services PMI in the UK jumps to 60.1 in Apr, a beat. 
  • GBP/USD keeps its range below 1.3900 despite the upbeat UK PMIs.

The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) jumped to 321-month highs of 60.7 in April versus 59.0 expected and 58.9 – March’s final reading.

Meanwhile, the Flash UK Services Business Activity Index for April rose to 60.1 versus March’s final readout of 56.3 and 59.0 expected. The index reached the highest levels in 80 months.

Chris Williamson, Chief Business Economist at IHS Markit, commented on the survey

“Companies are reporting a surge in demand for both goods and services as the economy opens up from lockdowns and the encouraging vaccine roll-out adds to a brighter outlook. In more than 23 years of PMI history, we have only seen one spell of faster growth than this, recorded between August and November 2013.”

"Business activity should continue to grow strongly in May and June as virus restrictions are eased further, setting the scene for a bumper second quarter for the economy.”

FX implications

The upbeat UK Preliminary Manufacturing and Services PMIs failed to inspire the GBP bulls, as GBP/USD retreated towards 1.3850.

The spot was last seen trading at 1.3863, still up 0.21% on the day.

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com