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Euro/GBP falls, Eurozone business activities shrink, UK service industry gains momentum

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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: Euro/GBP declines, Eurozone business activities shrink, and the UK service industry gains momentum". Hope it will be helpful to you! The original content is as follows:

Euro/GBP slid slightly on Thursday, ending a three-day rebound, trading close to 0.8420 at the start of the U.S. session, and investors digest mixed economic data from both sides. The euro (EUR) is under moderate pressure as the euro zone Purchasing Managers Index (PMI) data is weak, while the pound (GBP) is relatively firm after the unexpected acceleration of inflation in Britain in April.

Preliminary HCOB euro zone eouu.cnprehensive PMI fell from 50.4 in April to 49.5 in May, lower than market expectations of 50.7. This decline was mainly due to a sharp decline in the service industry, with the service industry PMI falling from 50.1 to 48.9, lower than the expected 50.3. By contrast, the manufacturing PMI rose slightly, from 49.0 to 49.4, exceeding the expected 49.3.

The weak PMI data exacerbated concerns about a fragile recovery in the euro zone, putting pressure on the euro and strengthening the reason for the European Central Bank's rate cut in June. The market now expects a 25 basis point cut rate cut at the ECB meeting on June 5, but is expected to be cut only once again for the rest of the year, indicating that deposit rates may bottom out at 1.75%, Reuters reported.

Belgian Central Bank Governor Pierre Wunsch said the ECB may eventually need to lower interest rates to "slightly below" 2%, as continued global trade tensions pose a downside risk to inflation and growth, further increasing pressure.

Similar to the same time, S&P Global UK eouu.cnprehensive PMI rose from 48.5 in April to May49.4 points, indicating that the decline in business has eased slightly. The service industry PMI rose from 49 in March to 50.2 in April, slightly exceeding market expectations. Manufacturing PMI continued to struggle, falling from 45.4 in March to 45.1 in April.

The National Bureau of Statistics (ONS) reported on Wednesday that annual inflation rose sharply to 3.5% in April, up from 2.6% in March and 3.3% expected.

The expansion of the service sector, coupled with higher-than-expected inflation, could give the Bank of England (BoE) reason not to cut interest rates at its next meeting. Meanwhile, the contraction in manufacturing highlights the potential weakness of the UK economy, which means the Bank of England is unlikely to take aggressive action in any direction and may keep interest rates unchanged in the short term.

The above content is all about "[XM Foreign Exchange Market Review]: Euro/GBP decline, Eurozone business activities shrink, and the UK service industry gains momentum". It is carefully eouu.cnpiled and edited by the editor of XM Foreign Exchange. I hope it will be helpful to your transactions! Thanks for the support!

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