Manufacturing PMI gives sterling a further boost

This morning’s manufacturing figures showed a welcome boost for the economy and the Pound.

The growth figure came in at 52.1 (above 50 shows growth), against expectations of 50.7, giving sterling a boost and improving rates for sending money abroad. This is the best manufacturing growth in 10 months, and on Wednesday we will see the result of the larger services sector growth.

Continuing growth is likely to put inflationary pressure on the UK economy, which means interest rate rises would be more likely, in turn increasing the value of sterling and therefore exchahge rates.