Eurozone PMI Drop Triggers GBP Slip 0.13%

Eurozone composite PMI fell to 48.6 in April, its lowest in 17 months, indicating a 0.1% quarterly GDP contraction.
GBP/USD slipped 0.13% to 1.3491, retreating from Wednesday’s 1.3537 high, while EUR/USD fell 0.12% to 1.1692.
UK composite PMI rose to 52.0, beating forecasts, but chief economist warned the gain may be a mirage from front‑loading purchases.
Fuel cost surge from the Strait of Hormuz pushed eurozone input‑cost inflation to its fastest rise since late‑2022, pressuring ECB and BoE.