Forex Pros - Manufacturing activity in the U.K. was unchanged broadly in line with expectations in February, data showed on Tuesday.
In a report, market research group Markit said that its U.K. manufacturing PMI held steady at a seasonally adjusted 61.5 in February, unchanged from 61.5 in January, whose figure was revised down from 62.0.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
According to the report, cost inflationary pressures continued to build, as input prices rose at a near record high rate.
Commenting on the report, David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, "Purchasing managers reported raw materials costs were continuing to rise at historically high levels during February, leading many to pass on higher purchasing costs to their clients."
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.29% to hit a 13-month high of 1.6307.
Meanwhile, European stock markets were up. The FTSE 100 climbed 0.46%, the EURO STOXX 50 gained 0.48%, France's CAC 40 added 0.56%, and Germany's DAX jumped 0.83%.