This morning the U.K. Manufacturing PMI will be released by Markit financial ACFX Information services at 9:30 London time.
PMI release typically comes out just after a month ends and has a significant market impact.
The PMI is a leading indicator of a country’s economic health in the manufacturing sector as purchasing managers possess good inside of the current economic conditions and adapt to them rapidly.
This data is based on an amount of new orders, inventories and production levels and also includes employment and supplier deliveries.
A number above 50 will indicate that the industry is expanding, whereas 50 will state that there were no changes, with the below that showing a contraction.
This time the PMI index is expected to stay without changes from the previous month at 51.9.
The release coming above the projections will usually have a positive effect on the British Pound.
USDGBP is currently testing a two-month low of 1.5330 after completing the head and shoulders pattern at the end of August.