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UK Manufacturing PMI at 26-month low

Wednesday, Jul 01 2015
The UK manufacturing sector remained in a softer growth patch in June, as rates of expansion in production and new orders moderated and remained well below those prevailing in the opening quarter of the year. Over the second quarter as a whole, growth of output and new orders was (on average) the weakest since Q1 2013.  
 
The seasonally adjusted Manufacturing PMI fell to a 26-month low of 51.4 in June, down from a revised reading of 51.9 in May (previously published as 52.0).Analysts were predicting incline to 52.6. The PMI has nonetheless remained above the neutral 50.0 mark for 27 consecutive months.  
 
June saw UK manufacturing production rise at the slowest pace since April 2013. Although consumer goods output continued to expand at a solid clip, production fell in the investment goods sector and was broadly stagnant at intermediate goods producers. 
 
After the data Sterling was pushed lower and is currently being traded around 1.5660 area. Pair is likely to find support around 1.5660 level and resistance above 1.5740 area. Later today, in the US session, ADP job figures and ISM Manufacturing PMI data is scheduled for a release.
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