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UK Manufacturing PMI for June is the Strongest so far in 2014

British manufacturing grew at the fastest rate so far this year and in 7 months. 


(source: Markit)

UK manufacturing PMI in May was 57.0, and forecasts were around 56.7 for June. It came in at 57.5 in June as manufacturing expanded for the 16th month in a row.

Today's highlights were:
- Demand improved in the domestic and export market and order inflows strengthened.
- Job creation was at a 39-month high, with small and medium-sized company's leading the hiring. 

The GBP strengthened after the release. The EUR/GBP is falling toward a flag-pattern-support that has held price action for the past 2 weeks. A breakout is imminent, and if price can hold under 0.80 after the breakout, we are looking at the 2012 low of 0.7765.


(eurgbp 4h chart, 7/1)