U.K. manufacturing PMI seems to have dropped in November, says Societe Generale

The U.K. manufacturing PMI rebound is expected to have slipped slightly in November.  The manufacturing PMI had rebounded strongly from the post-referendum low of 48.2 in July to a high of 55.5 in September, which was the strongest print since June 2014. However, the PMI figure has eased a bit since then to a still strong 54.3.

Resurgent orders, especially export orders have predominantly driven these very high readings. The orders have responded notably to the recent weakness of the British pound. As such it is likely that the buoyant performance of the manufacturing sector would continue. But the surge is believed to have been exaggerated. Thus the manufacturing PMI is projected to have dropped to 53.7 in November, said Societe Generale in a research note.

At 12:55 GMT, the GBP/USD pair is trading at 1.2474. Meanwhile, at 12:00 GMT the FxWirePro's Hourly Strength Index of British Pound was neutral at 37.7964, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 25.7542. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex