Foreign Exchange Daily Market Update 09/06/2016

Thu, June 09, 2016

Industrial Output Posts Biggest Gain Since 2012

U.K. industrial production set its largest monthly hike in almost four years in April as manufacturing grew.

Output rose 2% following a 0.3% rise in March. Factories increased production by 2.3% in April, which was also the biggest gain since July 2012.

The figures will increase hopes for the second quarter after two consecutive quarters of falling industrial output. The data contrast with surveys showing lacklustre activity as the referendum on EU membership and ailing global growth take their toll.

The main driver behind manufacturing in April was the pharmaceuticals sector, where output rose 8.6%. Domestic sales boosted car production, lifting output of transport equipment by 4.7%. Overall, 10 out of 13 manufacturing sectors increased production in April.

There was also a 3.9% jump in gas and electricity production as colder-than-normal temperatures increased demand for energy. Oil and gas extraction fell 1.3%.

The Pound was little changed at 1.4550 against the Dollar as of 11:21 a.m. yesterday morning however fell to 1.4451 as of 9:21 a.m. this morning. Sterling was little changed against the Euro at 1.2723.

Data to look out for today.

Not Much Data Out Today

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PRESS RELEASE

KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

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