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UK Manufacturing PMI increased to 53.3

Thursday, Sep 01 2016

August saw solid rebounds in the trends in UK manufacturing output and incoming new orders. Companies reported solid inflows of new work from both domestic and export sources, the latter aided by the sterling exchange rate. Employment rose for the first time in the year-to-date. At 53.3 in August, the seasonally adjusted Markit/CIPS Purchasing Managers’ Indeks recovered sharply from the 41-month low of 48.3 posted in July following the EU referendum.

The month-on-month increase in the level of the headline PMI (5.0 points) was the joint-greatest in the near 25-year survey history. The gains in the indices tracking output and new orders were similarly among the steepest on record. Euro is currently being traded around 1.1140 area. Pair is likely to find support around 1.11 handle and resistance above 1.1180 level.

 

Sterling is currently being traded above 1.3250 handle. Pair is likely to find support around 1.32 area and resistance above 1.33 level.

More in this category: « China's Manufacturing PMI slipped to 50.0 Unemployment Claims up to 263,000 »

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