EUR/GBP rebounds after the BoE meeting shows no board members voting for a rate hike. Previously one member had held out for an interest rate hike. UK PMI data also shows overall fall in Composite and Services, although Manufacturing recovers. EUR/GBP is trading up by almost three tenths of a percent on Thursday in the 0.8560s after the outcome of the Bank of England meeting and overall weaker-than-expected British PMI data, weighed on the Pound Sterling side of the pair.
Both Eurozone and UK PMI data for March showed overall cracks in the outlook. In the case of the UK, the S&P Global/CIPS Composite PMI came out lower-than-expected at 52.9 when 53.1 had been forecast from 53.0 previously. UK Services PMI undershot expectations of remaining at 53.8, dropping to 53.4. Manufacturing actually beat expectations at 49.9 when 47.8 had been forecast from 47.5 previous. In the Eurozone, the HCOB Composite PMI rose to 49.9 thereby beating estimates of 49.