Latest data released by Markit - 3 September 2018
- Prior 54.0; revised to 53.8
A miss there on the headline along with a negative revision, and the pound dips to session lows on the day. Cable dragged to a low of 1.2887 currently.
Looking at the details, the headline print is the lowest in 25 months while job creation slows to near stagnation, according to Markit. Apart from that, the new export orders index contracted for the first time in over two years. Not exactly rosy stuff in terms of export demand for the UK either.
Just about a 15 pips dip in cable, sounds about right given the context of what the data here means. Just a reminder, the manufacturing sector isn't the major component of the UK economy - it's all about services. But this is still part and parcel of the big picture as well.
