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Abshire-Smith Market Analysis

Markit/CIPS UK Manufacturing PMI, Strong growth in July

The Markit/CIPS Manufacturing Purchasing Managers Index (PMI), growth continued in July, though missed expectations. The survey released at 9:30am (London), was 55.4 for July, down from 57.2 in June. The number was well above the 50 level (contraction/expansion level), however sterling has been weak in FX markets against the USD in the last few days. GBPUSD In the last quarter, the majority of macro releases were beating expectations, with Sterling trading at a 5-year high on interest rate hike...

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