UK Manufacturing Production arrives at 0.2% MoM in Oct vs. 0.0% expected
The Office for National Statistics (ONS) published the UK industrial and manufacturing production data on Tuesday, with the overall industrial activity witnessing deterioration in October.
Manufacturing output arrived at +0.2% MoM in October versus 0.0% expectations and -0.4% booked in September, while total industrial output came in at +0.1% vs. +0.2% expected and -0.3% last.
On an annualized basis, the UK manufacturing production figures came in at -1.2% in October, beating expectations of -1.4%. Total industrial output dropped by 1.3% in October, against a -1.2% reading expected and the previous -1.4% print.
Separately, the UK goods trade balance numbers were published, which arrived at GBP -14.486 billion in Oct, versus GBP -11.650 billion expectations and GBP -11.521 billion last. Total trade balance (non-EU) came in at GBP -5.729 billion in Oct versus GBP -2.952 billion previous.
The GBP/USD pair shrugged-off downbeat UK growth numbers and cheered the above-forecasts British Manufacturing Production data. The spot spiked to 1.3174 a few minutes after the data release before reversing to near 1.3160, where it now wavers.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
