UK Sees Surprising Spike in Manufacturing Activity in April

British manufacturing growth surged to a three-year high in April, adding to signs that factories are enjoying at least a temporary boost ahead of Brexit from the weak pound, a survey showed on Tuesday.

The Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) rose to 57.3 from 54.2 in March, exceeding all forecasts in a Reuters poll of economists which had pointed to a slight decline to 54.0.

The figures may be a small boon for Prime Minister Theresa May ahead of the June 8 national election, after official data last week showed the economy slowed sharply in the first three months of the year as inflation hurt consumers.

Reuters

EUR/USD – Euro Unchanged as Eurozone, German Mfg. PMIs Within Expectations

USD/CAD Canadian Dollar Stable on May Day Trading Session

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.