UK Manufacturing Continues to Expand
Sterling showed some strength in the run-up to today’s UK manufacturing PMI data and the report just released has not disappointed investors. Data revealed that the nation’s manufacturing activity rose surprisingly for November. However, another report indicated that mortgage approvals in the UK declined for October, in response to tighter mortgage lending measures introduced by the BoE earlier this year.
Across the Atlantic, today’s ISM manufacturing PMI survey will be closely watched and is anticipated to show that the pace of manufacturing activity in the US slowed for November. In the Euro zone, the final manufacturing PMI reading in Germany was downwardly revised for November, thereby shifting focus to the ECB policy meeting scheduled later this week.