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UK Manufacturing PMI Beats Expectations

The Markit/CIPS UK Manufacturing PMI for April released at 9:30am beat analysts expectations with a print of 57.3 for April vs 55.8 March. The manufacturing index rose to a 5 month high, registering one of the best readings over the last 3 years. This is a significant boost to the UK government, as the economic recovery begins to really take hold, though this puts further pressure on the Bank of England.

Markit/CIPS Manufacturing PMI April 2014

Carney reiterated that increasing interest rates would happen when the slack in the labour market is reduced, and would be at a gradual pace. With economic growth picking up and concerns of a property bubble, traders are betting that they may have to bring forward the first rate rise.  

GBPUSD

Following the release sterling rallied in the FX markets against the greenback to a 5 year high, the highest price since 2009.

Full news release Markit/CIPS UK Manufacturing PMI for April

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