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UK manufacturing sector rebounded in May

Wednesday, Jun 01 2016
The UK manufacturing sector maintained its generally lacklustre start to 2016. At 50.1 in May, up from 49.4 in April, the seasonally adjusted Markit/CIPS Purchasing Managers’ Index edged only negligibly back above the neutral mark of 50.0. Production volumes were broadly unchanged during the latest survey month, as the growth rate of new order inflows remained subdued (albeit slightly quicker than in April). Where an increase in new business was registered, this generally reflected a further increase in new work from domestic clients. 
In contrast, the level of new export business fell for the fifth consecutive month. Where weakness in new order inflows was reported, manufacturers linked this to softer global economic growth, challenging exchange rates and ongoing client and market uncertainties. The latter partly reflected the forthcoming EU referendum. According to a special question added to the survey this month, over a third of respondents have seen a detrimental impact on their business from uncertainty regarding the forthcoming vote, within which 8% indicated that the impact was ‘strongly detrimental’. 
 
Sterling is currently being traded few points above 1.4470 level. Pair is likely to find support around 1.4430 handle and resistance above 1.4520 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.
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