PH production PMI still subdued in September: IHS Markit

Pound euro exchange rate

Czech manufacturing activity expanded at the quickest pace in five months in September, driven by strong rises in output and new orders, survey data from IHS Markit showed Monday.

Meanwhile the Pound may relinquish some ground again tomorrow with the release of the UK's latest Construction PMI, as economists forecast the index will have slipped from 51.1 to 50.8 last month.

The pound was trading 0.7 per cent lower against the dollar, at $1.3306, in early trading, after IHS Markit's purchasing managers' index (PMI) for the manufacturing sector slid by a point in September, to 55.9.

He said that the sector is "increasingly being buffeted by rising cost inflationary pressures, as rising commodity prices and higher import costs from the historically weak sterling exchange rate are being exacerbated by supply-chain capacity constraints and input shortages".

After declining in August, export orders increased last month even as "the degree of expansion was the mildest since the survey started in January previous year". Currency weakness was reportedly the main reason leading to higher input costs (the rupiah being under pressure - like other emerging market currencies - amid renewed USA dollar strength).

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On the price front, firms faced sharp cost pressures, but were unable to fully pass these on to consumers due to competitive pressures. Sales have increased to Europe, China, the USA and South America.

Canadian manufacturers indicated a solid degree of job creation in September, the report said, although the rate of employment growth eased from August's survey-record high. Longer lead times stemmed from a lack of raw materials among vendors, according to anecdotal evidence.

Malaysian manufacturers continued to raise their staffing levels despite the ongoing decline in new work.

This is while a Thursday speech from European Central Bank chief Mario Draghi and Friday's monthly U.S. nonfarm payrolls number will also influence Sterling pairs from the opposite direction.

During their annual review, our clients are telling us they are continuing to see growth from both new and existing customers and exporting more product than ever before.

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