10:42 AM · 24 January 2024

GBPUSD surges as UK PMI reaffirms economic resilience

UK Flash PMIs (Jan)

Manufacturing: 47.3 vs. Exp. 46.7 (Prev. 46.2)

Services: 53.8 vs. Exp. 53.2 (Prev. 53.4)

Composite: 52.5 vs. Exp. 52.2 (Prev. 52.1)

The survey data point to the economy growing at a quarterly rate of 0.2% after a flat fourth quarter, therefore skirting recession and showing signs of renewed momentum. This allows BOE to be more flexible to keep rates higher for longer.

Source: xStation

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