- GBPUSD ticks down after data release
- GBPUSD ticks down after data release
09:30 AM BST, United Kingdom - PMI Data for October:
- S&P Global Manufacturing PMI: actual 49.7; forecast 49.6; previous 49.6;
UK manufacturing showed tentative signs of recovery in October, with output expanding for the first time in a year amid reduced backlogs and restarts at firms like Jaguar Land Rover. While production grew in consumer and intermediate goods, investment goods output continued to shrink, though more slowly. Demand remained weak at home and abroad, with new orders and exports still falling. Employment declined again but at a softer rate. Cost pressures eased slightly, yet supply chain strains and uncertainty over tariffs and global demand persisted.
The pound’s reaction remains cautious, with the currency fluctuating between small gains and losses. On one hand, the report offers a positive signal for the UK’s struggling manufacturing sector. On the other, signs of easing cost pressures and falling employment could strengthen expectations for interest rate cuts in the coming months.
Source: xStation5
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