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UK PMI data all misses on Forecasts- FTSE 100 falls
The UK PMI data points just noted in the previous update have now hit the screens and they were not good. Manufacturing fell into contractionary territory and services only just held onto that 50 level. The GBP/USD reacted immediately and fell to a fresh session low towards 1.2490 on the news. Perhaps had the Pound not gotten crunched ahead of this data, the reaction on the downside might have been greater. However, this data is not good and not a ringing endorsement of the outcome of the UK budget. That has been noted in the accompanying statement with this data. For that reason the FTSE 100, which had been holding up quite well has now started to play catch-up with the falls we are seeing in Europe, as the earlier gains in the DAX and CAC further unravel. The FTSE 100 is right now at 8,175
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