S&P Global/CIPS Manufacturing PMI comes in at 51.9 against 52.8 consensus

The S&P Global/CIPS Manufacturing PMI for the UK was released at 51.9, coming in below the consensus estimate of 52.8. This figure also represents a decrease from the previous month’s reading of 52.8. The actual print showed a surprise of -1.7% compared to the market’s expectation.

Following the release, the British Pound showed varied movement against major currencies. Fifteen minutes after the data, GBPJPY had moved +17 pips, and GBPNZD had moved +7.5 pips. GBPCHF was up +4.5 pips, and GBPAUD was up +3.8 pips. GBPUSD saw a +1.6 pip move. In contrast, GBPCAD moved -1.7 pips, and EURGBP moved -0.8 pips. Compared to historical median 1-hour moves, which are typically 16 pips for GBPJPY, 23 pips for GBPNZD, 12 pips for GBPCHF, 19 pips for GBPAUD, 12 pips for GBPUSD, 16 pips for GBPCAD, and 8 pips for EURGBP, the measured moves so far are generally small relative to typical historical movements, with the exception of GBPJPY which is approaching its median 1-hour move.