FLASH: UK PMI surprises support August hike
- The UK’s services PMI stretched its recovery near to the heights hit around the last BoE rate hike. It also suggests strength beyond what I pencil into my Q2 GDP forecast (0.4% q-o-q), although I remain wary of the lousy correlation.- Once again, all three UK PMIs beat consensus expectations to resume its trend pace of growth, which also supports the MPC resuming its hiking cycle in August. The concerns encouraging a delay in May appear broadly resolved, in my view.
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