It is leading United Kingdom economic indicator. The Manufacturing PMI United Kingdom is survey of more than 5000 manufacturing firms across the country. The report is released on monthly basis usually on 1st working day of reporting month by Chartered Institute of Purchasing and Supply and NTC Research. The Manufacturing PMI United Kingdom was revised lower to 32.6 in April 2020. This was the steepest reading since the survey began in January 1992, because exports, new order and employment falling at high pace due to coronavirus pandemic. The traders and policymakers watch manufacturing PMI survey closely because it has an early access to data of manufacturing companies’ performance.
The reading above fifty is taken as positive/bullish for GBP while reading lower than fifty show manufacturing firms contraction which taken as bearish/negative for GBP.