U.K. Manufacturing PMI at an eight-month high

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Wednesday, Apr 01 2015

U.K. Manufacturing PMI climbed to an eight-month high of 54.4 in March, ticking higher from 54.0 in February. This was in line with market expectations.The PMI has now remained above the neutral 50.0 mark for 24 consecutive months. Moreover, the average reading for the opening quarter as a whole (53.8) was the best growth outcome since the second quarter of last year.

Manufacturing production expanded at the fastest pace in nine months during March, underpinned by the steepest gain in incoming new business since July 2014. The strong domestic market remained the principal source of new contract wins. The ongoing expansions in production and new orders both gathered pace, leading to a further rise in workforce numbers. Price pressures emanating from the sector also remained on the downside, as input costs and output charges both fell.

After the data Sterling was pushed higher and is currently being traded around 1.4830 area. Pair is likely to find support around 1.48 handle and resistance above 1.4870 level. Later today, in the US session, ADP job figures and Manufacturing PMI data is scheduled for a release.

More in this category: « Italian Manufacturing PMI at the highest level since April 2014 Private sector employment increased by 189,000 »

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