July UK Manufacturing PMI expected to climb to 58 – RBS

By FXstreet.com | Updated July 25, 2014 AAA

FXStreet (Łódź) - Ross Walker, Senior UK Economist at RBS suggests that UK Manufacturing PMI for July, due out on Friday, will rise to 58 from 57.5.

Key quotes



“The first of the PMI surveys for Q3 will be the highlight of a very thin data calendar in the week ahead.”



“We expect another buoyant outturn (in level terms) though, as the preliminary GDP estimate reminds us, the PMI surveys have for some time tended to over-estimate GDP growth, so the more telling feature may be the absence of much change in the month.”



“Maintaining current survey levels would provide reassurance that the recovery remains on track, though we continue to forecast some moderation in the pace of expansion in the second half of this year – and certainly in 2015 when a more significant and sustained fiscal policy tightening is scheduled (averaging >1% of GDP per year).”



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