Mubasher: The UK manufacturing purchasing managers' index (PMI) rose in October, beating analysts’ expectations, as new orders increased.
The IHS Markit/CIPS manufacturing PMI recorded 56.3 points last month from 56 points in September, whereas analysts had forecast the PMI to retreat to 55.8 points.
“UK manufacturing made an impressive start to the final quarter of 2017 as increased inflows of new work encouraged firms to ramp up production once again,” senior economist at IHS Markit Rob Dobson told Reuters.
“The domestic market remained strong, whereas new export orders increased at a slightly slower pace, the latter showing signs of being hit by the recent strengthening of sterling,” he added.
On the other hand, the data showed higher production costs and rising inflation pressures.
By 10:29 GMT, the GBP/USD rose to $1.3302.
