The Market Manufacturing PMI was released yesterday by both the Chartered institute of Purchasing & supply and the Market Economics which measures business conditions in the manufacturing sector. The consensus for this data was 51.3 which was a 0.2 decline on the previous months 51.5. The actual figure came out at 55.5 beating forecasts. This figure was a 16-month high for the UK and was the steepest jump in gains recorded in the surveys 24 year history.As a result we saw the Pound strengthen against most of its major trading partners.
manufacturing activity released today in the US showed the activity improved to six-month high on the back of a faster rise in output, new orders and employment levels. The final seasonally adjusted Markit US Manufacturing Purchasing Managers’ Index (PMI) printed at 54.1 in October; up from 53.1 in September.
New export sales continued to rise at only a modest pace in October, with the latest rise in the work from abroad being the fastest since September 2014. Employment growth rebounded from the 27-month low recorded during September. Input costs continued to drop on lower commodity prices.
09:30 –GBP: UK PMI Construction expected to fall from 59.9 to 59.1
15:00 – USD : US Factory Orders expected to rise from -1.7% from -0.8%