UK Services PMI Falls, Weakening Pound Against Dollar

On May 21, Jin10 reported that the British pound weakened against the U.S. dollar, briefly falling to around 1.3431, due to a significant underperformance in the UK's services PMI. According to Jin10, the preliminary services PMI for May was recorded at 47.9, a sharp decline from April's 52.7. This weaker-than-expected services PMI has reinforced market expectations that the Bank of England will maintain interest rates unchanged in June.