Latest data released by Markit/CIPS - 4 January 2019
- Prior 50.4
- Composite PMI 51.4 vs 50.8 expected
- Prior 50.7; revised to 50.8
A beat on the figures here but it changes little in terms of expectation towards the UK economy. Markit still notes that Q4 GDP is on track for a +0.1% q/q growth, unchanged from last month.
Looking into details, business expectations fell once again to 60.2 from 60.6 in November and that's the weakest 2-month period reading since 2009.
The pound is barely moved from the data as cable still sits at 1.2678, testing the key hourly moving averages at the moment. EUR/GBP also sits near the lows at 0.9003 still. I reckon if the pound isn't able to find its way past the key resistance levels above, this may be about as good as it gets for now before US data comes about.
