British Pound Slips on Mixed Industrial- and Manufacturing Production Data
Talking Points:
- Industrial Production and Manufacturing Production Reported Mixed
- British Pound Falls Against the US Dollar After Data Crossed the Wires
- GBP/USD Little Reaction to BoE; 1.6820 is the Pivot
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.
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 [email protected].
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