UK Preliminary Services PMI falls to 48.0 in January vs. 49.9 expected

• UK Manufacturing PMI improves to 46.7 in January, a positive surprise.
• Services PMI in the UK comes in at 48.0 in January, a big miss.
• GBP/USD drops to test 1.2350 on mixed UK PMIs.

The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) unexpectedly improved to 46.7 in January versus 45.0 expected and 45.3, December’s final reading.

Meanwhile, the Preliminary UK Services Business Activity Index for January arrived at 48.0 when compared to December’s final print of 49.9 and 49.9 expected.