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UK Manufacturing PMI posted 52.1

Friday, Jul 01 2016
June saw a modest improvement in the performance of the UK manufacturing sector. The seasonally adjusted Markit/CIPS Purchasing Managers’ Index posted 52.1, up from a revised reading of 50.4 in May, its highest level since January. June data signalled a faster rate of increase in UK manufacturing production, underpinned by a solid acceleration in inflows of new work. New orders rose at the quickest pace since last October, reflecting the ongoing strength of the domestic market and a marginal uptick in new export business. It should be noted that the data collection window for this month’s survey was between the 13th and 27th June. 
Almost all of the responses included in the final index readings were received prior to the end of 23rd June. The trend in manufacturing employment remained negative during June. Job losses were reported for the sixth straight month, with all three of the broad sub-sectors covered by the survey seeing declines. Lower staffing levels were linked to a combination of redundancies, natural wastage, efficiency gains and efforts to control costs.  
 
Sterling is currently being traded few points above 1.33 level. Pair is likely to find support around 1.32 handle and resistance above 1.34 level.
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