BREAKING: EURGBP rebounds slightly after UK PMI data 🔔

09:30 AM GMT, United Kingdom - PMI Data for November:

• S&P Global/CIPS UK Manufacturing PMI: actual 48.0; forecast 48.6; previous 49.9;

The UK manufacturing sector contracted further in November, with the PMI dropping to a nine-month low of 48.0 from 49.9 in October, marking two consecutive months below the neutral 50.0 mark.

Output declined for the first time in seven months, driven by the steepest drop in new orders since February, weak domestic and export demand, and cutbacks in staffing, purchasing, and inventory. Export orders fell for the 31st month, with significant declines from the EU, US, and China, particularly in Germany's auto sector. Supply chain disruptions, rising costs, and geopolitical uncertainties compounded challenges, leaving manufacturers facing high costs and weak demand.

Source: xStation 5