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In May, manufacturing activity in the United Kingdom tumbled less than expected, easing worries over the UK economy, as industry data revealed on Thursday.
As market research group Markit told, UK manufacturing PMI went down to a seasonally adjusted 56.7 the previous month from an outcome of 57.3 in April.
Market experts had expected the PMI to head south to 56.5.
On the index, an outcome above 50.0 points to industry expansion, while below hints at contraction.
Markit actually considered the headline outcome to be a sort of indication of marked ascend and also stressed that output and new order soar was still solid, while the rate of job creations kept to a 35-month peak.
Meanwhile, European stock markets demonstrated higher results. For instance, London’s key benchmark FTSE 100 inched up 0.36%, the Euro Stoxx 50 grew 0.27%, France's CAC 40 tacked on 0.72%, while Germany's DAX gained 0.42%.
It seems like the rally of the greenback has ended. On Monday, the US dollar index was below $93.50. Tuesday’s attempts to recover are not successful. The index is below $93.40. No important economic data will be released today.
This economic indicator is highly important for the Bank of England’s monetary policy because it is used as the central bank’s inflation target.
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