UK Markit June mftg PMI report 3 July

  • 56.3 prev revised down from 56.7
  • new export orders 52.6 vs 53.4 prev, a 5 month low
  • output PMI 55.9 VS 57.2, a 3-month low

Soggy data albeit not a great contributory sector to GDP but GBPUSD falls through 1.2980 support to post 1.2970 on the algo reaction to headline and as GBPJPY also turns lower with USDJPY capped into 113.00

Says Markit:

"New business rose at the weakest pace for nearly a year and growth was down sharply from April's near three-year high. This slowdown was largely centred on the domestic market, where increased business uncertainty appears to have led to some delays in placing new contracts. "Export orders remained disappointingly lacklustre despite the on-going competition.

"While the survey data adds to signs that the economy is likely to have shown stronger growth in Q2 further doubts are raised as to whether the performance can be sustained in H2"

Any one out there still think rate hikes any time soon will be good for the UK economy?

Full report from Markit here

UK mftg PMI mm