UK Manufacturing PMI rise less than expected

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Monday, Jun 01 2015

UK Manufacturing PMI ticked higher to 52.0 in May, up from a revised reading of 51.8 in April (previously reported as 51.9). Analysts were expecting increase to 52.7. The PMI has remained above the neutral 50.0 mark for 26 months. UK manufacturing production rose again in May, extending the current sequence of expansion to 27 months.

Although the rate of output growth edged lower, the extent of the easing was only minor and much less severe than April’s steep slowdown. Overall, the sector’s enduring driver continued to be domestic demand, as exports failed to ignite any new highs in recovery. This uninspiring level of activity is likely to cast a shadow in the coming months and encourage expectations of a flatlining future.

After the data Sterling was pushed lower and is currently being traded few points above 1.5230 area. Pair is likely to find support around 1.52 and resistance above 1.5280 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.

More in this category: « Euro down despite positive Manufacturing PMI figures US Manufacturing PMI at a three-month high »

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