EUR/GBP advances to near 0.8520 during the European session on Thursday, as the Euro appreciates following the improved Eurozone Preliminary Manufacturing Purchasing Managers Index (PMI).
EUR/GBP gains ground as Eurozone Manufacturing PMI improved to 47.4 in May, reachinga 15-month high. The British Pound maintains its position after the release of mixed UK PMI. BoE may delay rate cuts as UK CPI softened at a slower pace than expected in April. EUR/GBP advances to near 0.8520 during the European session on Thursday, as the Euro appreciates following the improved Eurozone Preliminary Manufacturing Purchasing Managers Index .
1 in April, surpassing expectations of 49.5. However, the Preliminary UK Services PMI fell to 52.9 in May, missing the market consensus of 54.7 and down from the previous figure of 55.0. Chief Business Economist at S&P Global Market Intelligence, Chris Williamson said “The flash PMI survey data for May signaled a further expansion of UK business activity, suggesting the economy continues to recover from the mild recession seen late last year.
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