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UK Manufacturing PMI rose to three-month high

Monday, Feb 01 2016
The start of 2016 saw a modest improvement in the rate of growth in the UK manufacturing sector. This was highlighted by the seasonally adjusted Markit/CIPS Purchasing Manager’s Index rising to a three-month high of 52.9, up slightly from 52.1 in December. No change was expected. The PMI has remained above the neutral 50.0 mark for 34 successive months. The UK manufacturing sector registered an uptick in its rate of expansion at the start of 2016, shrugging off a number of potential headwinds, ranging from global financial market volatility to localised flooding in the North of the country.  
 The domestic market remains the key growth driver. In contrast, the trend in new export orders continues to disappoint, falling back into reverse gear in January. Even after recent easing in the exchange rate, a number of manufacturers are still finding that the strength of the pound against the euro is impacting order inflows. Reports from companies also highlight how the general operating environment has become increasingly competitive both at home and abroad as firms scramble to win new customers. 
 
Sterling is currently being traded around 1.43 handle. Pair is likely to find support around 1.4250 handle and resistance above 1.4350 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.
More in this category: « Spanish Manufacturing PMI up, Italian down ISM Manufacturing PMI little changed in January »

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