UK all three PMIs expected to rise

The set of UK PMIs is very much a mixed bag. 

The most straightforward is the manufacturing survey which shows a clear cooling of growth since last summer, corroborated by the official data. 

"We expect little movement in this series beyond normal volatility. That said, we are surprised that the general strength of domestic demand is not being reflected more clearly in manufacturing output. We fear and suspect that the culprit is external demand", said Societe Generale in a report on Wednesday. 

The PMI and CBI manufacturing surveys both show persistent softness in export orders with some suggestion that the strength of the exchange rate has played a role in this weakness. These factors continued in June so only a minor rise in the manufacturing PMI from 52.0 to 52.5 is expected, adds SocGen.