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Fundamental Forex Analysis

UK Manufacturing Production plunges 4.6% MoM in March vs. -6.0% expected

The Office for National Statistics (ONS) published the UK industrial and manufacturing production data on Wednesday, as the overall industrial sector contraction deepened in March.

Manufacturing output arrived at -4.6% MoM in March versus -6.0% expectations and +0.5% booked in February, while total industrial output came in at -4.2% vs. -5.6% expected and +0.1% last.      

On an annualized basis, the UK manufacturing production figures came in at -9.7% in March, beating expectations of -10.4%. Total industrial output plunged 8.2% in March, against a -9.3% reading expected and the previous -2.8% print.

FX implications

The GBP/USD pair challenges daily highs on the upbeat UK growth and industrial numbers, looking to extend the bounce from three-week lows of 1.2251. The spot trades 0.18% higher at 1.2280, at the press time.

Breaking: UK GDP contracts -2.0% QoQ in Q1 vs. -2.5% expected, GBP/USD unfazed

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