Intra-day Market Moving News and Views
04 Jan 2016 09:34GMT
GBP/USD - ...... Cable pares intra-day rally after U.K. production data missed forecast. Reuters reported British factory growth slipped in December as new orders came in at the slowest pace in five months, according to a survey that showed scant sign of better fortunes for manufacturing this year after a tough 2015.
Monday's Markit/CIPS manufacturing purchasing managers' index (PMI) dropped to a three-month low of 51.9 from 52.5 in November, at the bottom end of expectations in a Reuters poll that forecast a reading of 52.7.
Manufacturing failed to contribute to Britain's economic growth through the first three quarters of 2015, with the much larger services industry instead driving the recovery.
While an October surge in the factory PMI raised brief hopes of a manufacturing rebound in the fourth quarter, survey compiler Markit said a marginal positive contribution from the sector the now best that could be hoped for.
"The UK manufacturing sector ended 2015 on a disappointing note, with its rate of growth slowing further from October's recent high back down towards the stagnation mark," Rob Dobson, senior economist at Markit, said.
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