30 Jun 2014
UK manufacturing PMI expected to slide to 56.5 in June - RBS
FXStreet (Łódź) - According to the RBS team of analysts, UK manufacturing PMI data, due out on Tuesday, should show little movement in June, falling slightly to 56.5.
Key quotes
"The UK manufacturing PMI inched down to 57.0 in May from 57.3 in April – the main downward influence came from stemmed from employment, with the orders and output indices both reporting a small deterioration in the month."
"The survey remains some way above longer-run averages (at levels which historically have been consistent with annualised output growth of c.6%, vs 4.4% y.y on the ONS data) but has fluctuated within a relatively narrow range this year."
"The euro area and US manufacturing indices have diverged a little during the course of 2014 (Europe lower, US higher), so the global backdrop provides few directional clues. External influences appear to be mild – oil prices fell in the early part of the month before rebounding, the exchange rate edged up over the course of the month, activity in overseas’ markets generally remained in line with established trends."
"Overall, we expect relatively little movement in the June manufacturing PMI survey and look for a small decline to 56.5."
Key quotes
"The UK manufacturing PMI inched down to 57.0 in May from 57.3 in April – the main downward influence came from stemmed from employment, with the orders and output indices both reporting a small deterioration in the month."
"The survey remains some way above longer-run averages (at levels which historically have been consistent with annualised output growth of c.6%, vs 4.4% y.y on the ONS data) but has fluctuated within a relatively narrow range this year."
"The euro area and US manufacturing indices have diverged a little during the course of 2014 (Europe lower, US higher), so the global backdrop provides few directional clues. External influences appear to be mild – oil prices fell in the early part of the month before rebounding, the exchange rate edged up over the course of the month, activity in overseas’ markets generally remained in line with established trends."
"Overall, we expect relatively little movement in the June manufacturing PMI survey and look for a small decline to 56.5."