UK Manufacturing PMI at a 41-month low

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Friday, Jul 22 2016

The UK economy opened the third quarter on a weak footing. Output and new orders both fell for the first time since the end of 2012, while service providers’ optimism about the coming 12 months slumped to a seven-and-a-half year low. The headline Markit Flash UK Composite Output Index – which is compiled using the same methodology as Flash PMI data published for the euro area, the United States and Japan – fell to 47.7 in July, its lowest reading since April 2009.

Data were collected between July 12-21. The weaker performance of the UK economy during July was especially striking when looking at the month-on-month movements in the index levels. The Composite Output and the Composite New Orders indices fell by 4.7 and 6.8 points respectively since June, the steepest drops registered in the series histories. Flash UK Manufacturing PMI fell to 49.1 from 52.1 in June, what is a 41-month low, while Flash UK Services PMI Activity Index dropped to 47.4 from 52.3 in June what is a 88-month low.

Sterling is currently being traded few points above 1.31 level. Pair is likely to find support around 1.3060 handle and resistance above 1.3160 level.

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