• +971(4) 430 6868

  • info@d1stp.com

  • 09:00 - 18:00

  • Sunday to Friday

10 May

By Ahmed Mamdouh

Category: Forex News

 249       27       27             

UK manufacturing production plunges, BOE in focus

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.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.