UK Preliminary Services PMI jumps to 54.9 in April vs. 53.0 expected

• UK Manufacturing PMI contracted to 48.7 in April, missing estimates of 50.3.
• Services PMI in the UK rose sharply to 54.9 in April.
• GBP/USD holds higher ground near 1.2370 after mixed UK business PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell sharply from 50.3 in March to 48.7 in April, missing the estimated 50.3 reading.

Meanwhile, the Preliminary UK Services Business Activity Index jumped to 54.9 in April, beating the market consensus of 53.0. The previous figure stood at 53.1.

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