# Sterling slides after soft PMI data sends UK recession warning | Reuters

> Sterling dropped to its lowest level in over a week against the euro after the flash composite PMI fell to 51.8 in May from 57.6 in April. The data pointed to a sharp slowdown in UK business activity and rising recession concerns.

- Date: 2022-05-24 · published 2022-05-24T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/41642-sterling-slides-after-soft-pmi-data-sends-uk-recession-warning-reuters
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A slowdown in UK activity points to softer demand for animal products and feed in Britain. The currency move has little direct bearing on grain prices.

## Read by commodity

- GBPUSD: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/europe/sterling-falls-more-than-one-week-low-versus-euro-2022-05-24/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.