No big surprises from the UK manufacturing PMI: it dropped to 54.3 points in October, 1.2 below the upwards revised 55.5 seen in September. This is within expectations for 54.5. The manufacturing sector is small in comparison to the rest of the economy, but still carries weight, as this is the sector where stuff is actually made.

GBP/USD is not really moved by the release, at least not in the immediate aftermath and clings to 1.2250.

Markit’s manufacturing purchasing managers’ index for October was expected to tick down to 54.6 from a strong 55.4 in September. A cool-down was likely after the big post-Brexit recovery. In Q3, actual manufacturing was a drag on the economy, despite expectations for a bounce thanks to the lower exchange rate of the pound.

GBP/USD traded around 1.2250 towards the publication, enjoying a second rally following the announcement that BOE Governor Mark Carney will continue until 2019, seeing Brexit through.

This is the first of 3 PMIs. The most important one is released on Thursday: for the services sector. It is released on the same day as the BOE’s rate decision with the Quarterly Inflation Report, an event dubbed “Super Thursday”.