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

The S&P Global/CIPS Manufacturing PMI for the UK was released at 52.8. This figure matched the consensus expectation of 52.8. The previous month’s reading for the index was 52.5. The surprise versus consensus for this release was 0.0%.

Following the release, market reaction in GBP pairs was generally limited. EURGBP moved up 2.1 pips 15 minutes after the release. Other GBP pairs saw declines, with GBPAUD down 2.5 pips, GBPCAD down 5.6 pips, GBPCHF down 3.2 pips, GBPJPY down 3.3 pips, GBPNZD down 6.5 pips, and GBPUSD down 4.8 pips over the same 15-minute period. For context, the median 1-hour move for GBPUSD after past releases of this event is 12 pips, and for GBPNZD it is 23 pips. The observed moves so far are small relative to the typical moves seen after this event.