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Flash PMI due at 9:30BST

UK DATA
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  • The UK flash PMI is due for release at 9:30BST/ 10:30CET.
  • Consensus looks for broadly unchanged prints relative to May (manufacturing 51.1 exp, down 0.1 point; services 53.0 exp, up 0.1 point). However, after the softer-than-expected flash prints across France, Germany and the Eurozone markets are probably already pricing in a downside surprise to the UK print.
  • The PMIs are still very important prints for UK monetary policy - even though to some extent yesterday's MPC placed less emphasis on data volatility.
  • We will again be looking to see if there is much commentary on the amount of cost passthrough. And looking to see whether cost pressures are receding further now that the National Living Wage increase is a couple of months in the rearview mirror.
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  • The UK flash PMI is due for release at 9:30BST/ 10:30CET.
  • Consensus looks for broadly unchanged prints relative to May (manufacturing 51.1 exp, down 0.1 point; services 53.0 exp, up 0.1 point). However, after the softer-than-expected flash prints across France, Germany and the Eurozone markets are probably already pricing in a downside surprise to the UK print.
  • The PMIs are still very important prints for UK monetary policy - even though to some extent yesterday's MPC placed less emphasis on data volatility.
  • We will again be looking to see if there is much commentary on the amount of cost passthrough. And looking to see whether cost pressures are receding further now that the National Living Wage increase is a couple of months in the rearview mirror.