UK Manufacturing PMI up to a 16-month high

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Monday, Nov 02 2015

UK Manufacturing PMI rose to a 16-month high of 55.5, a noticeable improvement on the upwardly revised figure of 51.8 posted in September (originally reported as 51.5). Analysts were forecasting decrease to 51.3 points. The 3.7 point gain in the PMI level was one of the steepest registered during the near 24-year survey history.

October saw solid improvements in the rates of growth in output and new orders, in both cases the sharpest since the middle of last year. The domestic market remained the prime source of new contract wins, while back-to-back increases in new export business were signalled for the first time since the third quarter of 2014. Companies saw improved intakes of new work from clients in the Middle East, East Asia and the USA.

Sterling is currently being traded around 1.5480 area. Pair is likely to find support around 1.5130 handle and resistance above 1.55 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.

More in this category: « China's Manufacturing PMI at the highest level since June Euro stable above 1.10 handle »

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