5/1/2008 7:44:09 AM The dollar was stable against the sterling Thursday morning after moving away from a multi-week high in the previous session. The pair was trading at 1.9869 approaching mid-morning.

UK`s manufacturing Purchasing Managers` Index dropped to 51 in April from March`s 51.3, a monthly survey from the Chartered Institute of Purchasing & Supply and NTC Economics revealed Thursday. However, the gauge stayed above the expected level of 50.8.

A PMI reading above 50 suggests expansion in manufacturing sector, while a level below 50 indicates contraction. The manufacturing activity was hit by combination of slower output growth, falling orders and rising inflationary pressures, the report stated. Copyright © 2007 RTTNews.com. All Rights Reserved.

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