Better than expected figures from the UK: manufacturing production rises 0.4% m/m and 1.1% y/y. Industrial output beats with +0.5% m/m and 0.7% y/y. The figures are for the month of March.
GBP/USD likes the outcome and rises above 1.56. The peak so far is 1.5603. The pair already reached 1.5611 yesterday and has yet to tackle this level. It seems that the pound is on a roll and it reacts very positively to small surprises. Update: the pair has already gone up to 1.5662. The pound seems unstoppable.
The UK was expected to report a rise of 0.3% in manufacturing output m/m and +1% y/y. The wider industrial output carried expectations for no change m/m and +0.2% y/y.
GBP/USD traded around 1.5575 towards the publication, on high ground but below the highs of almost 1.56 seen earlier in the week.
The pound rallied on the Conservatives’ win of the parliamentary elections last week. After a pausing at the post-election high, cable broke the 1.5523 level and continued higher.
Here is how the move looks on the chart:
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