UK PMIs for November are released at 10:30am today. The market expected both indicators to remain in the contraction zone (less than 50 points) and to deteriorate compared to the October readings. The report was better than expected with both indicators slightly exceeding expectations.
UK PMIs for November
- Manufacturing: 46.2 vs. 45.7 expected (46.2 previously)
- Services: 48.8 vs. 48.1 expected (48.8 previously)
GBPUSD rose slightly after the data but was small as PMIs did not outperform and remained in contraction territory. Moreover, after the initial move up, the pair quickly turned lower and is now retreating from the 1.1900 area.
Source: xStation 5
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