Global manufacturing and services day - Market Insight 24th July 2023

July 24, 2023
Global manufacturing and services day - Market Insight 24th July 2023

Today sees the preliminary numbers out from S&P for global manufacturing and services. The measure is referred to as the purchasing managers index or PMI. The normal number is 50 so anything above that indicates a positive position and vice versa.

Other than that it's a quiet day for scheduled news which might have some bearing on sideways moving FX rates this morning. GBP/EUR and GBP/USD both remain locked in that sideways pattern.

Business news centres on the comparison between the UK and the rest of the G7. Whilst UK inflation is the highest it's offset by stronger earnings and low unemployment so it remains a mixed bag.

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Economic calendar

EUR: 09:00 Manufacturing and Services PMI

UK: 09:30 Manufacturing and Services PMI

US: 14:45 Manufacturing and Services PMI

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