"U.S. factories reported a strong end to the first quarter, with the PMI advancing to a three-year high".
The breadth of the upturns in output, new orders and new export business was as wide as their slowdowns during March, as all of the countries covered recorded sustained growth in each, albeit at slower rates than in recent months. Attention and concerns is more focused on US-China trade tensions than NAFTA, it would reason. "PMI employment data gave warning signs in the labour market", Dodhia said, adding that "manufacturers operating in consumption and intermediate market groups signaled no appetite for recruitment". Higher costs were driven, at least in part, by supply-chain constraints. "Increased costs were often passed on to customers, meaning prices charged for goods at the factory gate showed the steepest rise in over four years", he said.
The New Orders Index registered 61.9%, a decrease of 2.3 percentage points from the February reading of 64.2%. On the other side of the currency pairing, the Euro was influenced by news that economic confidence in the Eurozone had fallen during March.
According to the key macro-economic data point, Indian goods manufacturers raised "their output for the eighth successive month during March" and that higher production was mainly linked to new order growth and favourable demand conditions. The news that the reading was better than expected helped push the Pound higher.
The prices index was the only metric to increase in March, reaching 78.1% after landing at 74.2% in February. Economists had expected the index to fall to 54.5 as a result of the disruption caused by the freezing temperatures. Input price inflation remained marked in March, despite easing to a six-month low.
"The latest PMI survey provided further evidence that United Kingdom manufacturing has entered a softer growth phase so far this year", said Rob Dobson of IHS Markit, which compiles the survey.
The PMI had previously touched its highest level of 52 in November 2017, from its lowest level of 46.9 on June 30, 2017. "That said, the rate of contraction was marginal", the statement by IHS Markit read.