- Industrial Production and Manufacturing Production Reported Better-than-Expected
- British Rises Against the US Dollar After Data Crossed the Wires
- GBP/USD Technical Analysis – Short Trade Setup Sought
UK Industrial Production accelerated to 3.0 percent in April, the highest level in three years and beating estimates calling for a print of 2.8 percent. The March figure was revised higher to 2.5 percent, from 2.3 percent. UK Manufacturing Production reported on a positive note, as well, with the year-on-year rate rising to 4.4 percent, beating estimates calling for a print of 4 percent.
The data does not have a direct impact on monetary policy, so the reaction may have limited follow-through. The Bank of England has maintained its policy stance, by not looking to raise rates until slack in the economy is absorbed. In recent policy comments, the BOE maintains that the perceived risk to the UK is economic downturn, noting geopolitical risk, and hosing as other sources of main risk to the economy.
GBP/USD rose on the release. DailyFX Strategist Ilya Spivak maintains a bearish outlook, and looks for an opportunity to short GBP/USD.
GBP/USD 5-Minute Chart. June 10, 2014. Charted created using FXCM Marketscope 2.0.
-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to dmaycotte@FXCM.com.
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