Latest data released by Markit/CIPS - 5 November 2018
- Prior 53.9
- Composite PMI 52.1 vs 53.4 expected
- Prior 54.1
That's a much softer reading than expected as the headline reading falls to its lowest since March. Markit says that this points to a quarterly GDP growth of 0.2%, all things equal. I don't expect the reading to dent the pound optimism all too much though. As mentioned earlier, economic data is secondary as Brexit steals the spotlight.
Cable slips to a low of 1.2970 on the back of this but has now recovered back to 1.2986 from around 1.2990 levels prior to the report. It's a bit of a blow for sentiment towards the UK economy as we begin Q4 but again, it's all about Brexit now so I don't expect this to sink the pound on the day.
