No surprises in the headline number: UK manufacturing production is up 0.2% m/m and +0.5% y/y. Industrial output disappoints with -0.4% m/m and only +1.5% y/y.
GBP/USD is battling 1.56 ahead of bigger news ahead in the day.
The UK was expected to report a gain of 0.2% in manufacturing output after a fall of 0.6% in the previous month. The wider industrial production carried expectations for +0.1% after a rise of 0.4% beforehand.
GBP/USD traded above 1.56 towards the publication.
This is big day for the pound, with this data serving only as a warmup. The “Super Thursday” includes not only the rate decision (which has become a non-event) but also the meeting minutes.
Did two members vote for a hike this time? That’s what markets are expecting.
In addition, the quarterly inflation report will also be released and the day’s events will culminate with a press conference by Governor Mark Carney.
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