After a poor showing on the services front since late October last year due to COVID-19 restrictions around the Omicron variant, PMI’s have extended their decline across the board (see calendar below). Both manufacturing and services have come short reflecting the knock-on effect from Omicron and its associated restrictive measures. This being said, a print above 50 keeps both sectors in expansionary territory.
CABLE FUNDAMENTAL BACKDROP
The pound has been grappling with many moving parts of recent including: