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UK Manufacturing PMI fell to 53.4

Thursday, Dec 01 2016
UK Manufacturing PMI fell to 53.4

The upturn in the UK manufacturing sector extended into its fourth month running during November. Rates of expansion for output and new orders both remained solid, despite growth easing further from the highs reached in September. There were also signs that the weak exchange rate was having a continued sharp cost inflationary impact, leading to higher selling prices at the factory gate.

The seasonally adjusted Markit/CIPS Purchasing Managers’ Index posted 53.4 in November, down further from September’s 27-month high, but above its long-run average of 51.5. The PMI has remained above the neutral 50.0 mark for four successive months. Underpinning the latest improvement in overall operating conditions were ongoing solid expansions of production and incoming new orders. Companies reported that domestic and export demand both remained positive growth spurs, as did new product launches, sales initiatives and efforts to clear backlogs of work.

 

Sterling is currently being traded around 1.2640 handle. Pair is likely to find support around 1.2550 level and resistance above 1.2680 area.

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