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British Pound Slips on Mixed Industrial- and Manufacturing Production Data

British Pound Slips on Mixed Industrial- and Manufacturing Production Data

David Maycotte,

Talking Points:

U.K. factory-production activity rose 0.5 percent in March, and beating estimates calling for a print of 0.3 percent. On the other hand, U.K. industrial production fell 0.1 percent in March, but topped estimates calling for a print of -0.2 percent. Industrial production output rose by 2.3 percent year-on-year in March, and Manufacturing production year-on-year reported at 3.3%. The year-on-year figure for industrial production missed estimates. The data does not have a direct impact on monetary policy, so the reaction may have limited follow-through.

Release

Actual

Survey

Previous

UK Industrial Production (MoM) (Mar)

-0.1

-0.2%

0.8%

UK Industrial Production (YoY) (Mar)

2.3%

2.4%

2.5%

UK Manufacturing Production (MoM) (Feb)

0.5

0.3%

1.0%

UK Manufacturing Production (YoY) (Feb)

3.3%

2.9%

3.9%

The mixed data prompted a bearish GBPUSD reaction. Earlier this week the GBPUSD was little-changed following the BOE interest rate decision.

UK Industrial and Manufacturing

GBP/USD 5-Minute Chart. May 9, 2014. Charted created using FXCM 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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