Friday, 10 February 2017

Sterling supported on strong Industrial & Manufacturing figures

The UK just released its latest Industrial and Manufacturing production figures, and yet again the UK has shown it's economy is strong and resilient despite uncertainty surrounding Brexit, confounding expectations of a slowdown. Analysts had expected year on year growth in manufacturing to be 1.8%, but the actual figure was 4%. Industrial production has also beat forecasts, coming in at 2.1% monthly growth against an expectation of 0.5%.

It's given the Pound a bit of a boost, but only back to the €1.1750 mark where the rate sat for most of yesterday. GBP/EUR seems to be unable to break this barrier and is likely being held back by concerns over the invocation of article 50.

As I've mentioned in earlier reports this week, GBP/EUR has risen to these levels many times of late before dropping back away again. Given a few weeks ago it was as low as €1.13, if you need to convert Sterling to Euros then consider taking the gains while they are still available.

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