UK industrial production data from September declined -0.20% for the month alongside a downward revision to the August figure which was cut to -0.90% from initial estimates of 1.00%. The decline in industrial production came as mining and quarrying output declined 4.90% for the month, posting the strongest decline since January 2014. Manufacturing production managed to offset some of the losses, posting a healthy increase of 0.80% after beating estimates of 0.40%. However, previous month's manufacturing numbers were again revised lower to 0.40% from 0.5%. The biggest decline in manufacturing production came from the metals sectors. The British Pound remained weak against the US Dollar and was trading mixed across the board as the markets scaled back expectations of an earlier rate hike from the Bank of England. GBPUSD fell to a 6-month low, closing Friday’s trading session at 1.5025.
December Rate Hike Approaches
Daily Analysis - 09/11/2015