Sterling is in a much better position than it was last week against both the euro and the dollar, however it is still weaker overall against both currencies.
S&P Global services PMI final will be released this morning. September’s PMI fell to 49.2 from 50.9 in August which was lower than market expectations of 50 (in the flash estimates). The fall was mainly due to the cost-of-living crisis and rising economic uncertainty. Today, markets are expecting that figure to remain unchanged.
Tomorrow, the UK’s construction PMI will also be released and markets are expecting the index to fall to 49, from 49.2 in August. Despite the last data exceeding market expectations of 48, an index below 50 suggest falling levels thus, the last data pointed to a second consecutive month of declining construction output.
