Surprisingly, the UK's manufacturing PMI rose dramatically in October to 55.5, posting a 16-month high after this indicator previously served as a drag on GDP results for the third quarter. The prior month's manufacturing PMI data was also revised softly higher to 51.8 from 51.5 previously. Manufacturing output increased to 58.3 on new orders which jumped 56.9, printing at the highest level since July 2014, rebounding from recent softness. The manufacturing PMI data showed that domestic orders were the primary driver in the resurgent manufacturing sector. The manufacturing employment index also managed to beat expectations after data arrived at a 17-month high. The British Pound reacted positively to the news with GBPUSD briefly posting a weekly high at 1.5467, before retreating substantially and ending the session on a weaker note at 1.5410.
Pound Reverses Despite Stronger Manufacturing
Daily Analysis - 03/11/2015