UK manufacturing sector activity in the economy surprised the forex market to the downside in the month of July, decelerating into the contraction territory, as Brexit-related uncertainty takes a toll on the UK factory sector.
The final Purchasing Managers’ Index (PMI) in the UK dropped to 48.2 points in July, as compared to a 49.1 reading booked in June.
Forex market had predicted a steady print at 49.1.
Rob Dobson of Markit commented in the release, “The final PMI came in at 48.2, down from the earlier flash print of 49.1.
The pace of contraction was the fastest since early-2013 amid increasingly widespread reports that business activity has been adversely affected by the EU referendum. The drops in output, new orders and employment were all steeper than flash estimates.”
“The downturn was felt across industry, with output scaled back across firms of all sizes and across the consumer, intermediate and investment goods sectors, although exporters did report a boost from the weaker pound.”
Forex Markets Top Trade Idea For Today Forex marketstoday; in light of the EU referendum that is taking place today in the UK and consider…Jun 23 2016nigerianews.info