UK Manufacturing Sector Buoyed By Domestic Demand

British manufacturers reported robust growth last month and rising inflation pressures, adding to the chances that the Bank of England will raise interest rates on Thursday for the first time in a decade.The IHS Markit/CIPS manufacturing purchasing managers’ index (PMI) rose to 56.3 in October from an upwardly revised 56.0 in September. This was above its long-run average and bucking economists’ forecasts in a Reuters poll for a slight fall.UK manufacturing made an impressive start to the final quarter of 2017 as increased inflows of new work encouraged firms to ramp up production once again,” said Rob Dobson, a senior economist at IHS Markit, which compiled the data.

Source: UK factories r eport stronger activity in October – IHS Markit – Reuters

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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.