U.K. industrial production unexpectedly grew in June amid stronger than expected output from North Sea oil fields.
On a monthly basis, industrial production grew by 0.50% in June, the Office for National Statistics said, easily topping the consensus forecast of economists polled by The Wall Street Journal of a 0.20% drop.
Separate data from the Office for National Statistics showed the U.K.’s trade deficit swelling to a nine-month high of 4.56 billion pounds in June, from a revised May figure of 2.52 billion pounds.
Imports surged by 3.30% to a record high of 53.95 billion pounds, while export volumes contracted by 0.70% on the month in June to 49.39 billion pounds.
EURGBP pulled back from strong resistance at 0.90800 in Friday morning trade. The pair hit a low of 0.90075 during the previous session.
British Pound Sees a Surge in Volatility
Daily Analysis - 11/08/2017