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UK Manufacturing PMI up to 59.1

Tuesday, Feb 03 2015
At 59.1 in January, up from 57.6 in December, the seasonally adjusted UK Manufacturing PMI pointed to a robust and accelerated expansion of overall business activity at the start of 2015. Analysts were anticipating decline to 56.9. The index has registered above the neutral 50.0 threshold for 21 months running, although the latest reading was the still second-lowest seen since September 2013. As a result, the latest survey indicated that overall growth momentum rebounded since December, but was much weaker than the average for 2014 as a whole (61.8).    
 
All three broad areas of construction activity picked up since December, but in each case the rate of expansion was weaker than the peaks seen in 2014. Residential building was the best performing sub-category in January, with the latest survey marking two years of continuous expansion. Meanwhile, latest data also indicated a robust rise in commercial construction and a rebound in civil engineering activity following the decline recorded in December.  
 
After the data Sterling added few points but is still just slightly above 1.50 handle. Pair is likely to find support around 1.4970 area and resistance above 1.5070 level. There will be no major data releases in the rest of the session.
 
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