Economist at UOB Group Lee Sue Ann assessed the recent PMI results in the UK. Key Quotes “The UK’s final Markit/CIPS composite purchasing managers’ index (PMI) was 53.0 in February, slightly less than a 16-month high of 53.3 in January, but much improved from the final quarter of 2019, when the reading stayed below 50 amid prolonged political uncertainty. The services PMI was finalized at 53.2, from a flash estimate of 53.3 and a 16-month high of 53.9 in January, which reflected a post-election bounce in business sentiment that risks being undermined by the coronavirus. The manufacturing PMI hit 51.7 in February, the fastest pace in ten months. This is up from 50.0 in January, but slightly lower than an earlier estimate of 51.9, however. Meanwhile, the construction PMI jumped to 52.6 in February, up from 48.4 in January, the fastest pace in over a year.” “But with all responses to the survey received by 27 February, the results only hint at the possible impact of coronavirus, which could make the rebound short-lived.” “For now, we are assuming the impact to be short-lived. However, should the COVID-19 outbreak become more protracted in the UK, the impact from domestic shocks, alongside spillovers from the global slowdown and supply chain disruptions, will see us downgrade our forecasts for UK GDP growth. In this scenario, we would also expect further rate cuts by the Bank of England (BOE).” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Germany’s Scholz: It cannot be foreseen whether coronavirus is economic challenge over longer term FX Street 3 years Economist at UOB Group Lee Sue Ann assessed the recent PMI results in the UK. Key Quotes “The UK’s final Markit/CIPS composite purchasing managers’ index (PMI) was 53.0 in February, slightly less than a 16-month high of 53.3 in January, but much improved from the final quarter of 2019, when the reading stayed below 50 amid prolonged political uncertainty. The services PMI was finalized at 53.2, from a flash estimate of 53.3 and a 16-month high of 53.9 in January, which reflected a post-election bounce in business sentiment that risks being undermined by the coronavirus. The manufacturing PMI hit 51.7… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.