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UK PMI better than expected this morning

Sterling rose briefly on Tuesday after data showed UK manufacturing growth surged to a three-year peak in April, adding to signs that factories are enjoying at least a temporary boost from the pound’s recent weakness.

A monthly purchasing managers’ index (PMI) survey for the manufacturing sector rose to 57.3 from 54.2 in March, exceeding all forecasts in a Reuters poll of economists, which had pointed to a slight decline to 54.0.

Sterling strengthened to the day’s high of $1.2915, up from $1.2888 beforehand, before easing back to around $1.2896, up 0.1 percent on the day.
Against the euro, it recovered earlier losses to trade at 84.64 pence, flat on the day.

British government bond futures dipped by around 10 ticks and then rebounded to 128.00, around their level before the data. The 20-year gilt yield briefly touched its highest since March 29 at 1.671 percent, up around 2.5 basis points on the day.

Britain’s FTSE 100 was unchanged after the data, up 0.4 percent.

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