The Markit/CIPS UK manufacturing purchasing managers' index climbed to 55.1 this month from 54.2 in June. The export orders increased last month at the quickest rate since April 2010 which is the second highest rate since the start of the survey. It was said that the weakened pound was the primary reason for this rise in exports. The Sterling rallied to a 10-month high against the greenback following the publication of the reports. The data shows a first pickup in growth for three months where the manufacturers also gained from a robust economic growth especially in major markets such as Europe, North America, and Asia-Pacific areas. The director Markit described the situation of the price trend rises and shown in other areas in the U.K. This would support the Bank of England to sustain its current rate until the economic development becomes more stable for medium-term.
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