| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:30 | Germany | Manufacturing PMI | March | 46.5 | 47.7 | 48.3 |
| 08:30 | Germany | Services PMI | March | 51.1 | 51.4 | 50.2 |
| 09:00 | Eurozone | Manufacturing PMI | March | 47.6 | 48 | 48.7 |
| 09:00 | Eurozone | Services PMI | March | 50.6 | 51 | 50.4 |
| 09:30 | United Kingdom | Purchasing Manager Index Manufacturing | March | 46.9 | 47.3 | 44.6 |
| 09:30 | United Kingdom | Purchasing Manager Index Services | March | 51 | 51.2 | 53.2 |
GBP strengthened against other major currencies in the European session on Monday, as investors weighed the S&P Global’s preliminary estimates of the UK purchasing managers’ indices (PMIs) for March, which showed that growth in the British private sector’s business activity gained momentum this month.
According to S&P Global, the flash UK composite PMI - a measure of the health of the private sector - increased from 50.5 in February to 52.0 in March, moving further above the 50-mark separating growth from contraction. The latest reading was the highest since September 2024 and solidly exceeded economists’ forecast of 50.3.
S&P Global said the March improvement in the UK business activity was driven by the upturn in the services sector, which saw a rebound in both domestic and overseas sales. The UK services PMI jumped from 51.0 in February to 53.2 early this month, the highest reading in seven months. Economists had predicted the indicator to slip to 50.9.
Meanwhile, the UK’s manufacturers recorded a sharp export-led downturn in overall sales amid mounting concerns about the impacts of the potential U.S. tariffs on global economic growth. As a result, the UK manufacturing PMI decreased from 46.9 in February to 44.6 in March, an 18-month low.
S&P Global noted that today’s PMI data offered “a respite from the recent flow of predominantly downbeat economic data” but added that “one good PMI doesn’t signal a recovery.”
Investors are also awaiting the UK’s chancellor Rachel Reeves to deliver her spring statement in the House of Commons on Wednesday. The Office for Budget Responsibility’s (OBR) updated forecast for the UK’s economy and public finances will be published the same day.
Reeves is expected to provide insights into the UK's economic situation and hints at the British government’s plans on spending and, possibly, taxes.
Ahead of the event, Reeves has confirmed that she intends to reduce the costs of running government by 15%.