Foreign Exchange Daily Market Update 11/05/2017

Thu, May 11, 2017

Pound Falls After Industrial Data

Output in the UK’s industrial sector declined more than expected last month after a particularly sudden pullback in manufacturing production.

The manufacturing sector had been one of the stronger sectors amongst fears of a wider growth slowdown in the past few months, as a weaker pound made British products more competitive against foreign buyers. However, the ONS today revised its earlier forecast of a 0.3% quarterly rise in industrial production to 0.1%.

The Pound removed its early gains after the weak data were released, and at publication time was 0.16% lower for the day at $1.2903.

Manufacturing production fell by 0.6% in March, worse than the 0.2% fall expected by economists. The fall brought year on year growth in the sector down to 2.3%, from 3.3% the previous month. Overall industrial production declined by 0.5% over the month, but was still 1.4% higher than 12 months ago.

Data to look out for today.

09:30: GBP UK Manufacturing Production

09:30: GBP Industrial Production

12:00: GBP BOE Rate Decision

12:00: GBP Asset Purchase Target

12:00: GBP BOE Inflation Report

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PRESS RELEASE

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