U.K. PMIs just split. Manufacturing beat, services missed. The BoE's dovish majority lost its clean narrative. • Manufacturing: 52.0 (Forecast: 51.5, Prev: 51.7) • Service: 51.7 (Forecast: 52.0, Prev: 52.5) • Composite: Still in expansion, but losing momentum Here's the nuance most headlines will skip. The Eurozone's services PMIs crushed forecasts today. The UK missed. That divergence matters. The BoE has six members voting to cut, citing weak demand. But manufacturing just accelerated. The data isn't cooperating with either side. Cable is holding near 1.3340. The market doesn't know whether to price a dovish BoE or a resilient economy. This print doesn't resolve it. If manufacturing is beating while services miss, does the BoE cut into strength or hold into weakness?
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