Pound shrugs off worse than expected PMI

During today’s London session, the main event was UK Services PMI for March which was considered to be overall disappointing, falling to its lowest level since July 2016.

Furthermore, the report missed all market expectations at 51.7 versus market consensus of 54.0 and minimum expectation of 52.5.

Despite the strong miss on expectations, GBP has since pulled off of its worst level and is only marginally lower on the day against most of its counterparts.

Elsewhere, the overall risk sentiment remains positive with European equities residing in positive territory across the board with the DAX, CAC and Euro Stoxx up almost 2% on the day.

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