After the release of UK PMI data, the British pound remains weak, while UK government bond yields are declining.

After a gauge measuring UK manufacturing and services activity in March fell more than expected, the pound continued to weaken against the US dollar and the euro. UK government bond yields also remained at low levels. The March composite purchasing managers' index fell from 53.7 in February to 51.0. Economists surveyed by The Wall Street Journal had previously predicted a reading of 52.5. The survey showed that cost pressures were quickly increasing due to rising energy prices caused by the conflict in the Middle East. Business confidence also declined. The pound fell to a intraday low of 1.3376 US dollars, from 1.3385 US dollars before the data was released. The euro rose to an intraday high of 0.8658 pounds, from 0.8651 pounds before the data was released. Data from Tradeweb shows that the latest 10-year UK government bond yield fell by 1.6 basis points to 4.918%.