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June 2016

UK manufacturing output in surprise jump

Published: Wednesday 08 June 2016

Today was a relatively weak day for economic data and EU referendum news.
 
According to ONS, UK’s manufacturing output grew at the fastest pace for nearly four years in April, expanding 2.3% marking the biggest jump since 2012.  Industrial output increased by 2.0%, also the biggest rise since July 2012.  Unfortunately, the Pound didn’t move on the back of this. 
 
Other than that, Canadian building permits came in worse than expected and again the Pound didn’t budge on the back of this. It seems that any real movement for the Pound will be referendum related as we saw earlier in the week.
 
In the afternoon we have Crude Oil levels – expected -3.2m and this evening New Zealand’s Rate Decision.  Investors see a 32% chance of a rate cut here, down from 80% only a month ago. 10 out of 17 economists in a Bloomberg survey predict the rate will be held at 2.25%.  We could see GBP/NZD weaken as a result. 

Latest FX news by Joe De Berniere

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