Home/Forex News Round Up/GBP
UK Manufacturing Reaches 2 Year High
UK manufacturing saw its strongest growth in two years in June, according to a survey, boosting hopes of a strengthening economic recovery.
The Markit/CIPS purchasing managers' index (PMI) rose to 52.5 last month – its highest level since May 2011.
Any reading above 50 indicates growth in the sector.
The figure adds to the increasingly positive data released in recent weeks on the UK economy, which grew by 0.3% in the first three months of the year.
Other data suggests the services sector is showing signs of strength, and the construction sector – which has been a drag on growth – is stabilising.
Rob Dobson, senior economist at Markit, said he now expected GDP growth in the second quarter of about 0.5%.
"The near-term outlook for output also remains on the upside," he said.
via BBC
Alfonso Esparza
Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
@alfonso_forex
Follow @alfonso_forex
+Alfonso Esparza
Latest posts by Alfonso Esparza (see all)
Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 12/27/2019
Market Awaits China Retaliation on Trade - 11/29/2019
Alibaba to Close Order Book Ahead of Huge IPO - 11/18/2019