UK manufacturing PMI beats with 55.1 – GBP ticks up

Aug 1, 2017 at 4:57 AM EDT

Better than expected data from the UK: the manufacturing sector is growing at a faster pace according to the manufacturing PMI: 55.1 points.

Markit was expected to report a minor rise in the purchasing managers’ index for the manufacturing sector in July, from 54.3 to 54.4 points.

Pound/dollar is moving up, trading some 10 pips above the pre-release levels. Here is the 30-minute chart:

(Click on image to enlarge)

GBP/USD was trading around 1.32, still enjoying the great weakness of the US dollar. The peak was 1.3234.

There are two additional PMIs coming up: construction and services. The bigger event this week is the BOE decision on Thursday. This is a “Super Thursday” event. It also includes the Quarterly Inflation Report.

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