UK manufacturing and industrial production disappoint in February
|Under Brexit pressure to split by December 2020 and uncertainty about the Irish border, the UK economy is in turmoil in Q1 2018. February month-to-month industrial and manufacturing production output was weak at +0.10% and -0.20% (prior: +1.30% and 0%). February’s trade deficit of GBP -965 million (prior: GBP 2.95 billion), due to lower imports caused by mid-February snow storms, decreased the likelihood of money tightening. March inflation data (to release on 18 April) will give a better view as to whether the Bank of England will hit its target of 2.40%.
Strengthening since the beginning of the year, GBP/USD currently trades at 1.4187 (+5.07% year to date) and is approaching its 2-year high, heading to 1.4195 short-term.
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