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24 Jan 2024

UK S&P Global/CIPS Composite PMI rises to 52.5 in January vs. 52.2 expected

  • S&P Global/CIPS PMIs for January came in above expectations.
  • GBP/USD climbed above 1.2750 on upbeat PMI figures.

Economic activity in the UK's private sector continued to expand at an accelerating pace in January, with S&P Global/CIPS Composite PMI rising to 52.5 in January's flash estimate from 52.1 in December. This print came in above the market consensus of 52.2.

S&P Global/CIPS Manufacturing PMI edged higher to 47.3 from 46.2 in the same period, while the Services PMI advanced to 53.8 from 53.4.

Commenting on the report, "the surprising strength of growth in January, which has exceeded forecasts, may deter the Bank of England from cutting interest rates as soon as many are expecting, especially as supply disruptions in the Red Sea are reigniting inflation in the manufacturing sector," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence Supply.

"Supply delays have spiked higher as shipping is re-routed around the Cape of Good Hope, the longer journey times lifting factory costs at a time of still-elevated price pressures in the service sector. Inflation is therefore indicated to remain stubbornly higher in the 3-4% range in the near future," Williamson added. 

Market reaction

GBP/USD gathered bullish momentum on the upbeat PMI readings and was last seen rising 0.6% on the day at 1.2760.

Jan 24, 2024

United Kingdom S&P Global/CIPS Composite PMI came in at 52.5, above expectations (52.2) in January

United Kingdom S&P Global/CIPS Composite PMI came in at 52.5, above expectations (52.2) in January
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Jan 24, 2024

Bank of Canada Preview: Dovish comments are likely to put pressure on the CAD – Commerzbank

The Bank of Canada (BoC) holds its first meeting of the year today.
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