Ekonomické zprávy

European session review: GBP appreciates after UK’s flash PMIs

TimeCountryEventPeriodPrevious valueForecastActual
07:00SwitzerlandTrade BalanceJanuary2.8 3.1
07:00United KingdomPSNB, blnJanuary-24.8 6.2
08:15FranceServices PMIFebruary49.449.952.8
08:15FranceManufacturing PMIFebruary50.550.847.9
08:30GermanyServices PMIFebruary50.75151.3
08:30GermanyManufacturing PMIFebruary47.34846.5
09:00EurozoneManufacturing PMIFebruary48.849.348.5
09:00EurozoneServices PMIFebruary50.85153
09:30United KingdomPurchasing Manager Index ServicesFebruary48.749.253.3
09:30United KingdomPurchasing Manager Index Manufacturing February4747.549.2
10:00EurozoneZEW Economic SentimentFebruary16.7 29.7
10:00GermanyZEW Survey - Economic SentimentFebruary16.92228.1
11:00United KingdomCBI industrial order books balanceFebruary-17-14-16

GBP strengthened against other major currencies in the European session on Tuesday as investors digested better-than-expected UK flash PMI readings.

S&P Global reported its preliminary estimates showed business activity in Britain witnessed a solid rebound in February. The S&P Global/CIPS UK composite PMI climbed to 53.0 this month from 48.5 in January. That marked a return to expansion territory after six months of contraction and surprised markets, expecting improvement only to 49.

The details of the survey, however, revealed that the growth in the composite indicator in February was mainly due to a surge in the services PMI, which rose to 53.3, its highest in eight months. Meanwhile, the manufacturing PMI (49.2) improved but remained below the 50.0 no-change value.

Also, the survey showed that the prices charged inflation eased only marginally in February, especially in the service economy, where rising staff salaries reportedly had led to a sustained rise in prices charged.

Overall, the latest data raised expectations that the UK’s economy could avoid a deep recession and added to the likelihood that the Bank of England would continue hiking its interest rates to calm inflation.

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