What this release is
The S&P Global/CIPS Composite PMI provides a monthly measure of overall business activity across the manufacturing and services sectors. This business sector data is officially sourced from markiteconomics.com and is published jointly by S&P Global and CIPS.
Forex traders monitor this indicator as a gauge of economic health. Stronger business activity can suggest economic expansion, which may influence the Bank of England’s monetary policy decisions regarding interest rates. Conversely, weaker activity might signal economic contraction, potentially affecting the outlook for the British Pound.
After past releases, market attention often focuses on the initial headline figure. Subsequent revisions to the data can also draw market interest. The typical impact rating for this release is considered medium, with market digestion often occurring around the time of its monthly publication.