2 Mar 2016
UK Manufacturing PMIs crash to 34-month lows – Investec
Research Team at Investec, suggests that yesterday morning's UK Manufacturing PMI release undershot expectations in February, dropping to a 34-month low of 50.8, from January’s 52.9.
Key Quotes
“This was below the consensus expectation of 52.3. The Investec economics team had been hoping for recent falls in the Pound (down nearly 9% since December, in trade weighted terms) to start boosting demand from abroad but these hopes were dashed, as weakness in yesterday’s survey data showed a softening across the board.
Is there more lag than anticipated for such a filter through? Will the data continue to slow into the uncertainty of the EU Referendum in June? To add to the confusion after an initial dip, the Pound rallied against the greenback to break above $1.4000. Again a continued pattern of unpredictable currency moves after UK economic releases.”
Key Quotes
“This was below the consensus expectation of 52.3. The Investec economics team had been hoping for recent falls in the Pound (down nearly 9% since December, in trade weighted terms) to start boosting demand from abroad but these hopes were dashed, as weakness in yesterday’s survey data showed a softening across the board.
Is there more lag than anticipated for such a filter through? Will the data continue to slow into the uncertainty of the EU Referendum in June? To add to the confusion after an initial dip, the Pound rallied against the greenback to break above $1.4000. Again a continued pattern of unpredictable currency moves after UK economic releases.”