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GBP and EUR fall together

GBP and EUR fall together

-0.3% quarter-on-quarter. This reflected a downward revision to construction output while activity in the services sector was unchanged at a meagre 0.1% and manufacturing output was flat. Worryingly, this release showed that the UK consumer remains very cautious with household consumption up just 0.1% while government spending still made the greatest positive contribution to growth.

A host of European data releases added to the negative sentiment coming in weaker than expected. After holding up quite well for the last few months, the German ifo business climate finally took a hit in May.

All in all the data proved negative for GBP and EUR.

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