The level of manufacturing output rose by 0.4% in January in the UK. The ONS was expected to report an increase of 0.3% in manufacturing production after seeing the same number last month. Industrial output was expected to advance by 0.3% but rose only 0.1%.
GBP/USD traded on low ground, around 1.6620, before the publication. The mixed, yet close to expected figures, are marginally positive for GBP/USD, which is making a small recovery back above 1.6630.
The manufacturing and industrial production figures are somewhat overshadowed by the inflation report hearings. BOE governor Mark Carney and his colleagues are grilled over the Bank’s knowledge about FX fixing.
The pound was on the back foot in the past day or so, falling from the higher levels of 1.6720 down around 100 pips. This weakness did not come on the background of any news, but seems to be an extension of the recent consolidation.
For more, see the GBPUSD forecast.
Here is how it looks on the chart:
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