James Smith, developed markets economist at ING, points out that July was another month of woeful UK manufacturing PMI reading as for the third month running, the index has slipped below the breakeven 50 level – and at 48.0. Key Quotes “Much – if not all – of this recent weakness is linked to pre-Brexit stockpiling. Having built inventory to insulate against possible supply chain disruption, firms have been cutting back on new orders while they grapple with what to do with all the extra stock.” “But while the PMI points to a lacklustre start to the third quarter for manufacturing – driven partly by the global slowdown in demand – the Markit/CIPS press release suggests that the inventory story may be starting to evolve. The new 31 October Brexit deadline is drawing nearer, and firms are once again ramping up preparations for a potential ‘no deal’ scenario. Stocks of finished goods inched higher in July – albeit more slowly than earlier in the year.” “While we may not see a full correction, we’re likely to see a reasonably sizable inventory drag during the second quarter, and overall growth will probably come in more-or-less flat.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index upside stalled just ahead of 99.00 FX Street 4 years James Smith, developed markets economist at ING, points out that July was another month of woeful UK manufacturing PMI reading as for the third month running, the index has slipped below the breakeven 50 level - and at 48.0. Key Quotes "Much - if not all - of this recent weakness is linked to pre-Brexit stockpiling. Having built inventory to insulate against possible supply chain disruption, firms have been cutting back on new orders while they grapple with what to do with all the extra stock." "But while the PMI points to a lacklustre start to the third quarter for… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.