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British Pound Rises Following Factory-Production Data

British Pound Rises Following Factory-Production Data

2014-03-11 10:15:00
David Maycotte,

Talking Points:

  • Industrial Production and Manufacturing Production at Highest Level Since 2011
  • UK Industrial Production 2.9% y/y in Jan vs. 1.9% in Dec.
  • British Pound Rises Against the US Dollar After Data Crossed the Wires

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U.K. factory-production activity output increased in January as both industrial- and manufacturing- production rose to the highest level since early 2011. Industrial production output rose by 2.9 percent year-on-year in January, but missed estimates calling for a print of 3.0 percent. Manufacturing production year-on-year came in line with estimates reporting output of 3.3%. The British Pound rose against the US Dollar after the data crossed the wires, but the move may reflect speculation of an imminent rise in the benchmark interest rate. Bank of England Governor Carney sees a faster recovery in 2014.

GBP/USD 5-Minute Chart. March 11, 2014

Forex_-_British_Pound_Rises_Following_Factory-Production_Data__body_Picture_1.png, British Pound Rises Following Factory-Production Data

Charted created by David Maycotte using Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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