Australian Dollar Unable to Keep Gains Caused by China's PMI
04 July, 2017, 00:32 | Author: Paula Vaughn
The UK manufacturing PMI dropped to 54.3 in June, its lowest figure in three months and well below expectations of a reading of 56.5. New orders received by consumer goods firms continued to rise strongly, while capital goods producers recovered from May's contraction.
Behind the improvement was a rise in new orders for only the second time in nearly three years, although the rate of expansion was fractional.
A reading above 50 on the index indicates expansion.
Meanwhile, increase in new work volumes fell to their weakest in the 11 months of gains - and although manufacturers have made the most of weak sterling in recent months, they reported growth in new export business had also slowed.
Managers' Index, PMI, stood at 52.9 index points in June 2017 up from 52.2 index point in May. The service sector accounted for more than half of the Chinese economy past year. This was primarily due to weaker domestic demand, but it is disappointing to see that export orders slowed.
United Kingdom manufacturing activity came in below expectations in June, with the latest snapshot survey showing a moderation in the rate of growth.
Australian Dollar Unable to Keep Gains Caused by China's PMI
The pickup is consistent with other indications that economic growth in the currency area accelerated in the three months to June, having already speeded up in the first quarter.
The Eurozone periphery bonds gained Monday on rising demand for safe-haven assets and as investors have largely shrugged off the slightly higher-than-expected German manufacturing PMI for the month of June.
"Having endured a miserable start to 2017, the latest survey data is welcome news for Greek manufacturers as the PMI pointed to growth for the first time since August previous year", said IHS Markit economist Alex Gill.
Nevertheless, overall confidence did weaken to a 7-month low as uncertainty surrounding the political outlook and Brexit talks increased once again.
The arts, entertainment & recreation and public administration sub-sectors remained unchanged, while the remaining 3 sub-sectors recorded growth in the order: management of companies; construction; professional, scientific, & technical services.
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