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Fundamental Forex Analysis

UK Manufacturing Production rises by 0.5% MoM in Feb vs. +0.1% expected

The Office for National Statistics (ONS) published the UK industrial and manufacturing production data on Thursday, with the overall industrial activity bettering expectations in February.

Manufacturing output arrived at +0.5% MoM in February versus +0.1% expectations and +0.2% booked in January, while total industrial output came in at +0.1% vs. +0.1% expected and +0.2% last.

On an annualized basis, the UK manufacturing production figures came in at -3.9% in Feb, beating expectations of -4.0%. Total industrial output dropped by 2.8% in Feb, against a -2.9% reading expected and the previous -2.9% print.

Separately, the UK goods trade balance numbers were published, which arrived at GBP -11.487 billion in Feb, versus GBP -6.00 billion expectations and GBP -5.759 billion last. Total trade balance (non-EU) came in at GBP -5.573 billion in Feb versus GBP 0.215 billion previous.

FX implications

The GBP/USD pair flirts with lows near 1.2370 on mixed UK data flow, as the focus remains on the UK PM Boris Johnson’s health condition and coronavirus stats for fresh directives.

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