Industrial PMI for UK are the last morning reading of this index from Europe – another only in the afternoon. After very good results for the euro area, which proved to be on record highs, UK also boasts with good results. Industrial PMI in May reached 56.70.
New jobs at three-year highs
Similarly as in euro area, the most powerful component of IHS Markit report for British Isles was the employment sector. Main index clearly beat forecasts (56,50) and preliminary reading (57,30).
In case of GBP/USD response to the data was almost nothing. At that time, quotations were bogged down between 1,290 (+ 61,8% Fibonacci abolition) and 1.2767 (+ 50% Fibonacci). After beating this range we can make further trading decisions:
EUR/GBP reacted with more “exuberant” reaction, weakening by few pips. From the session maxima, the pair is losing more than few dozen points, and thanks to the PMI data, it has drawn a new minima: