Latest data released by Markit/CIPS - 5 March 2019
- Prior 50.1
- Composite PMI 51.5 vs 50.1 expected
- Prior 50.3
A decent beat on the release here and that should provide some relief for the gloom and doom rhetoric on the UK economy in light of Brexit. That said, it's not a major game changer as the overall health of the economy remains suspect due to Brexit uncertainty. I wouldn't expect this to give the pound any sustained meaningful lift.
Of note, Markit says that the release here is consistent with a +0.1% q/q growth for the UK in Q1 this year. Cable did move higher on the back of the release, rising to a high of 1.3190 from 1.3170 levels but I would expect price to still hold near flat levels as Brexit will continue to be the key driver for the pound over the next few weeks.
