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Sterling gets brief boost from strong UK manufacturing data

[LONDON] Sterling got a brief boost on Friday after better-than-expected data showed British factories enjoyed their best month in more than four years in November, suggesting manufacturing will give a boost to the country's sluggish economy going into 2018.

The monthly survey of purchasing managers in the manufacturing sector (PMI) jumped to 58.2 from an upwardly revised 56.6 in October, topping all forecasts in a Reuters poll of economists.

Sterling climbed to US$1.3515 after the data, up from US$1.3495 beforehand, before slipping back to around that level a few minutes later, leaving it down a quarter of a percent on the day.

The pound had reached as high as US$1.3550 in early trading in Asia, its strongest since Sept 25, benefiting from broad US dollar weakness and extending gains made on the previous day.

UK gilt futures fell around nine ticks after the data.

REUTERS

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