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- The currency pair GBP/USD declines due to the weaker-than-expected manufacturing production in the U.K.
The currency pair GBP/USD declines due to the weaker-than-expected manufacturing production in the U.K.
The Office for National Statistics released manufacturing production data for the U.K. Manufacturing production in the U.K. declined 1.3% in May, missing expectations for a 0.5% gain, after a 0.4% rise in April. That was the largest decline since January 2013.
On a yearly basis, manufacturing production in the U.K. increased 3.7% in May, missing expectations for a 5.6% rise, after a 4.4% gain in April.
Industrial production in the U.K. dropped 0.7% in May, missing forecasts of a 0.3% increase, after the 0.4% rise in April. That was the biggest decline since August 2013.
On a yearly basis, industrial production in the U.K. rose 2.3% in May, after the 3.0% gain in April. Analysts had expected an increase of 3.1%.
Despite these weak figures, the broader picture remained positive. Investors speculate that the Bank of England will hike its interest rate sooner than expected.
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