Good Manufacturing and Industrial data has little effect on rates
11 January, 2018
At the beginning of the week we saw a reshuffle in the Cabinet which had the potential to cause a stir – as a result a couple of cabinet members resign but ultimately the bulk of the cabinet remained intact with a just a few title changes, but too nothing to shocking so the Pound managed to stay stable.
Yesterday morning the UK announced their Industrial and Manufacturing output figures. Manufacturing production gained a 0.1% growth and posted 0.4% up from the previous 0.3% in November and gained 0.7% year on year and industrial production posting exactly the same. Being positive news we would have assumed the Pound would have made or sustained its recent gains however we saw the opposite and as the trading day continued we saw the rates against the Euro fall as traders took their profits from the past few days of uplift. Against the Dollar the Pound continued to trade within a tight range providing better rates around lunch time compared to the rest of the day.
Today here is little data out for the UK and concentrates more on the Euro-zone and the US. This morning the Euro-zone post their Industrial Production figures for November at 10:00 – the year on year figure is expected to contract from 3.7% to 3.0% while month on month is set to improve. At lunchtime the European Central bank hold their monetary policy account meeting and in the afternoon the US are due to release their Continuing and Initial Jobless Claims data followed by a monetary budget statement in the early evening.
Having seen a small retraction in rates, especially against the Euro – if you have a currency requirement due in the coming weeks and months then it could be wise to get in touch with us here at Currency Index to discuss the options we provide to help you maximise your requirements and secure your currency.