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Prior 51.4Manufacturing PMI 51.6 vs 50.6 expectedPrior 50.6Composite PMI 53.9 vs 51.5 expectedPrior 51.4Full report hereKey Findings:Strongest upturn in UK private sector business activity since April 2024Comment:Chris Williamson, Chief Business Economist at S&P
Global Market Intelligence:
“UK businesses kicked up a gear in January, showing
encouraging resilience in the face of recent geopolitical
tensions. Companies are reporting higher demand, both
from home and export markets, which has driven output
growth to the fastest since April 2024. Firms are also
reporting the greatest optimism about the business
outlook since before the 2024 Autumn Budget.
“The January flash PMI is up to a level indicative of a
robust quarterly GDP growth approaching 0.4%.
While growth continues to be driven by the service
sector, and in particular financial services and tech,
the manufacturing sector is also continuing to report
a gathering recovery aided by resurgent demand, with
goods exports notably rising for the first time in four
years.
“The good news was tempered, however, by the upturn
in order books failing to stem a steep loss of jobs, which
companies commonly blamed on the need to reduce high
costs. These cost pressures were again often linked to
government policies relating to higher National Insurance
contributions and the National Minimum Wage, and led to
an especially steep drop in hospitality jobs.
“High staffing costs were meanwhile again widely
reported as a key cause of higher selling prices, hinting at
an intensification of price pressures at a level above the
Bank of England target.”
This article was written by Giuseppe Dellamotta at investinglive.com.
💡 DMK Insight
UK’s manufacturing and composite PMIs beat expectations, signaling potential growth momentum. The Manufacturing PMI at 51.6 and Composite PMI at 53.9 indicate a robust expansion in the private sector, which could shift trader sentiment positively. This uptick suggests that businesses are adapting well, despite economic headwinds, and could lead to increased consumer confidence. Traders should watch for how these figures influence the GBP/USD pair, particularly if it breaks above recent resistance levels. A sustained move above 1.30 could attract more bullish positions. However, it’s worth noting that while the numbers are encouraging, they could also lead to speculation about tighter monetary policy from the Bank of England. If inflationary pressures rise, we might see volatility in the forex market as traders adjust their positions ahead of potential rate hikes. Keep an eye on the upcoming inflation data and central bank communications for further clues on market direction.
📮 Takeaway
Watch for GBP/USD to break above 1.30; strong PMI data could trigger bullish momentum.
