24 April 2023 - Flash PMIs show the strongest growth in a year
The modest return to growth signalled by Q1 GDP was bolstered by the release of flash PMI data on Friday which showed the largest increase in almost a year. The UK economy is heavily tilted towards services output which makes up about 80% of total output. In April services output rose to a level of 54.9 after a march figure of 52.9, while manufacturing continued to languish falling to 46.6 from 47.9 last month. Inflationary pressures continue to wane in manufacturing, but demand for services will see prices continue to rise in that sector. Demand for financial services was one of the main contributors to overall services growth. One issue is that financial services are often susceptible to rising interest rates. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.