UK services PMI hit an eight-month high of 53.1. Does a survey like that move sterling for you?

S&P Global's flash survey put the UK composite output index at 53.1 for October, up from 52.0 in September. The services business activity index rose to 53.1 from 52.1, an eight-month high, and the manufacturing PMI was 52.8 (flash PMI report).

Flash readings are revised in the final release, and markets often react to the gap between a reading and what was expected rather than to the level itself. Services are the larger part of the UK economy, but a survey measures how businesses describe their activity, not output in pounds. Early readings are often revised, and the level matters less to sterling than the surprise against what the market expected.

We would like to hear how you use the survey:

• Do you trade sterling on the flash PMI, or wait for the final reading?
• Which line matters more to you, the composite or the services index?
• UK inflation rose to 3.5% in September (CPI report). Did a strong services reading change how you read the Bank of England's next steps?
• Have you seen GBP/USD move on a PMI and then reverse within the same session?

PMIs explained covers how the index is built, and what moves GBP/USD sets out the other drivers of the pair. For the same morning's euro area survey, see the euro area flash PMI.

Please share your own approach and reasoning, not calls for others to copy. Posts that promise a direction or sell signals will be removed.