June 2018 UK Markit/CIPS manufacturing PMI 2 July 2018

  • Prior 54.4. Revised to 54.3
  • Output growth slows from May’s five-month high
  • Input cost inflation picks up, leading to increased selling prices

On inflation, costs were up, in large part to raw materials but those costs were being passed on.

Input cost inflation accelerated to a four-month high in June, with companies reporting a wide range of inputs as up in price. Some noted that cost increases were being exacerbated by shortages of certain raw materials. Part of the rise in costs was passed on as higher selling prices.

It’s postive that the index has held the gains from last month, and is even higher after the revision but that’s more of a technicality.

GBPUSD has pushed up about 14 pips to near 1.3170 but has already given those back.

Ryan Littlestone

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