- Prior 51.6
- New export orders 48.3 vs 49.6 prior. Lowest since Jan 2013
- New orders 54.6 vs 50.3 in Sep
GBP/USD up through 1.6000 to 1.6023 before dropping back to 1.6015. Good news on the headline and maybe somewhat of a surprise given the recent slowdown. Exports orders are still contracting and the pick up in orders suggests that there’s some domestic demand being seen.
“The manufacturing PMI this month received a domestic-fuelled boost as the index reported growth
at a three-month high. With new export business declining, it was the UK picking up the new
business tab, as the Eurozone continued to experience weakened economic growth with the added punch of unfavourable exchange rates.” Said David Noble at CIPS
UK Markit manufacturing PMI 03 11 2014
