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UK manufacturing production plunges, BOE in focus

Posted by Ahmed Mamdouh On 5/10/2018 1:41:18 AM In Forex_News

U.K. manufacturing production slipped lower than forecast in March, yet the pound was not affected by the data as investors await the BOE inflation report and interest rate decision due at 11:00 GMT.  

U.K. manufacturing output dipped 0.1 percent in March after a 0.2 percent fall in February, coming better than forecasts of 0.2 percent drop.

Industrial production soared 0.1 percent, moving in line with both prior and predicted readings.

Construction output for the same month plummeted 2.3 percent, while analysts had predicted a 2.1 percent decline.

The goods trade deficit expanded to 12.3 billion pounds in March from a prior of 10.2 billion pounds shortfall a month earlier.

As of 08:38 GMT, the pound traded slightly lower against the U.S. dollar at 1.3535, where it has continued to show a sideway direction.

The BOE is highly anticipated to hold interest rate today, with bets declining from 90 percent to 15 percent after the latest weak economic data.

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