Dollar up in Asia after China manufacturing aids sentiment

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Britain's manufacturers saw growth surge in August as new orders from both the US and Europe flooded into the country and supported the sector, according to the latest PMI reading from IHS Markit.

The closely-watched Markit/CIPS UK Manufacturing purchasing managers' index (PMI) showed a reading of 56.9 last month, up from 55.3 in July and above economists' expectations of 55.

"A reading above 50 indicates expansion, while a score below this mark means contraction".

The number comes after United Kingdom manufacturers saw an uptick in new orders within the domestic market while export orders also remained robust during the month.

The latest PMI business survey showed both the output and new orders sub-indexes nudged back into expansionary territory, pushing the pace of hiring to the highest in nearly 4-1/2 years.

Data indicated that the level of employment in the Dutch manufacturing sector continued to rise in August.

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This was above consensus forecasts of 55.0, the strongest reading for four months and the second-highest reading in 3 years.

The job market saw its thirteenth straight month of growth, with August marking the quickest rate of increase since June 2014.

Purchase price inflation accelerated for the first time in seven months in August. "Business conditions improved across the three main subsectors - consumer, intermediate and investment goods - and at smaller and large-scale producers alike", says Dobson.

The central bank has cut the benchmark Selic interest rate aggressively to protect the fragile recovery, with 12-month inflation at its lowest in eighteen years.

The Brexit-hit pound was pinpointed as key factor in attracting foreign buyers to British products, with firms seeing new export work from mainland Europe, USA, China and Australia.

Prime Minister Narendra Modi's shock move last November to scrap high-value banknotes late previous year has continued to weigh on overall economic activity.

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