UK Manufacturing PMI at 53.5 – ticking up
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UK Manufacturing PMI at 53.5 – ticking up

UK Manufacturing comes  out a bit above expectations at 53.5 points, the highest in 4 months. This sector has been the weakest in the recent economic cycle. The immediate reaction is muted, but the pound already rose towards the publication.

Markit’s purchasing managers’ index for the manufacturing sector for November was expected to remain close to October’s 53.2 points level.

In other data: net lending to individuals disappointed with 2.6 billion instead of 2.8 billion expected. M4 Money Supply remains on the slide with -0.1%, contrary to a rise of 0.2% predicted. Mortgage Approvals slid from 61K to 59K, as expected.

GBP/USD was moving up towards the publication, trading at 1.5680, seemingly anticipating the good number.

This is the first of three  PMIs. Tomorrow we have the construction PMI and on Wednesday the services PMI, which is the most important one, addressing the largest sector.

For more, see the GBPUSD forecast. All in in all, the pound  is attempting to recover from the slide. Here is how it looks on the chart:

GBPUSD Technical chart December 1 2014 after manufacturing PMI

 

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.