UK manufacturing gives Pound a boost

This morning’s UK manufacturing data showed growth gaining pace in December, providing hope that the UK may yet avoid another recession.

Construction PMI rose to 53.2 against analysts’ expectations for a drop to 51.7. “The survey suggests that the sector should make a positive contribution to the economy in the final quarter of the year, helping avoid a possible slide back into contraction,” said Markit economist Sarah Bingham.

Mortgage approvals and consumer credit figures were also slightly better than expected.

Sterling rose this morning on the news against most currencies including the Euro and US Dollar, improving rates for sending money abroad.