Manufacturing production was expected to rise by 0.7% after a drop of 0.3% in the previous month. The wider figure, industrial production, also topped expectations, rising 1.1% instead of 0.7% expected. The trade balance deficit was expected to squeeze from 9.2 to 8.9 billion and this is exact outcome.
GBP/USD is climbing up from the 1.5650 line and is now trading at 1.5675.
The bigger event will begin shortly: the future governor of the BOE, Mark Carney, will speak in the British parliament. He is still the head of the Bank of Canada at the moment.
Carney’s speech overshadows the rate decision due later on by the BOE. Mervyn King can be considered as a “lame duck” at this moment.
For more, see the GBP to USD forecast.
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