Forex - UK Preview: due 2 Feb, 09:30GMT - Jan manufacturing PMI survey

We look for a small increase in the manufacturing PMI survey to 53 in January following its fall to 52.5 in December. This will keep the survey far below the levels seen in January last year and is also weaker than the last year's average of 54.8. Weaker economic activity abroad is certainly having a negative impact on the sector and Markit stated with the December survey 'that the main weak spot remains exports, with overseas new order inflows stagnating amid weaker economic growth in key markets and the ongoing lethargy of the euro area'. Domestic demand is however still faring rather well and it is also positive to see employment continue to edge higher.

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