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UK Manufacturing Surges in April

- April Manufacturing PMI: 57.3 vs. (March: 55.8) 
- 8-month high
- Forecast was 55.4
- Growth of output and new orders accelerate 
- Input prices fall for second month running 
- Stops a 5-month slide from 58.1 to 55.8


(source: tradingeconomics.com)

UK's April Manufacturing PMI surprised forecast and beat the March reading. This data continuing improvement in manufacturing and adds the case for the BoE to tighten up monetary policy.

The pound extended its earlier gains after this positive manufacturing reading. GBP/USD has pushed above 1.69, and the 1.70-1.7040 area is the next key resistance.