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UK felt the hit from accelerating inflation

UK felt the hit from accelerating inflation | 08 Juni 2022

08 Juni 2022, GBP/USD

GBPUSD trading plan:

The composite S&P Global/CIPS Purchasing Managers Index - spanning services and manufacturing firms - slumped to 53.1 from 58.2 in April, the lowest since February 2021, as Britain's economy felt the hit from accelerating inflation. The PMI for the dominant services sector fell to 53.4 from 58.9 in April to show its biggest month-on-month fall since the survey began in 1996, although the final reading was up from the flash reading which also stood at 51.8. May's figures painted a picture of slower growth and higher prices across the services sector with input and output costs rising by the most since records began in 1996.

Investment idea: range 1.2515 - 1.2610.

David Johnson
Analyst of «FreshForex» company
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