U.K. manufacturing PMI index likely to have risen in August

The U.K. manufacturing PMI for the month of July had recovered to 55.1 after its outsized drop in June after the inconclusive general election result. According to a Lloyds Bank research report, the manufacturing PMI is expected to rise further, albeit a modest one, to 55.5.

The projection is underpinned by the continued signs of strength in the CBI’s industrial trends survey. However, disappointing official figures, with manufacturing output contracting in the second quarter, raises questions whether the surveys are painting an overly optimistic picture of the sector or portend a rebound in activity in the quarters ahead, added Lloyds Bank.

At 21:00 GMT the FxWirePro's Hourly Strength Index of British Pound was neutral at 37.2922, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bearish at -74.3733. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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