UK Preliminary Services PMI plunges to 51.8 in May vs. 57.3 expected

• UK Manufacturing PMI drops to 54.6 in May, misses estimates.
• Services PMI in the UK comes in at 51.8 in May, a big miss.
• GBP/USD drops sharply to 1.2515 on awful UK Preliminary PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) drops sharply to 54.6 in May versus 55.1 expected and 55.8 – April’s final reading.

Meanwhile, the Preliminary UK Services Business Activity Index for May slumped to 15-month lows, arriving at 51.8 versus April’s final readout of 58.9 and 57.3 expected.

more to come ...