UK Manufacturing PMI fell below 50 level first time since 2013.

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Tuesday, May 03 2016

UK Manufacturing PMI fell below the critical no-change mark of 50.0 for the first time since March 2013. At 49.2, from a downwardly revised reading of 50.7 in March, the headline index was dragged lower by lacklustre trends in production and new orders and declines in both employment and stocks of purchases. Analysts were predicting incline to 51.3.

The weakening performance of the manufacturing economy was mainly felt in the consumer and investment goods sectors, with both registering declines in production and new work received. Although the intermediate goods sector managed to sustain growth of output and new order inflows, rates of expansion were weaker than in the prior month.

Sterling is currently being traded few points above 1.4720 level. Pair is likely to find support around 1.4670 handle and resistance above 1.4750 level. There will be no major data releases later today.

More in this category: « RBA cuts rates to record low Eurozone PPI up by 0.3% in March »

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