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August 2016

UK manufacturing decreased by 0.3% in June

Published: Tuesday 09 August 2016

The Pound fell to fresh one-month lows against USD and EUR today, after the release of downbeat U.K. manufacturing data adding to concerns over the strength of the British economy.  Manufacturing decreased by 0.3% in June worse than expectations of -0.2%.  Industrial production inched up 0.1% in June, in line with forecasts.  As a result, GBP/USD dropped to 1.2960 the lowest since July 11th and EUR hit 1.17, also a 1 month low. 
We’ve just had GDP estimates for July from the National Institute of Economic and Social Research who suggest UK growth has halved 0.3%, down from 0.6% over the same period ending in June. Tomorrow, the main headlines will be whether New Zealand cut rates by 25 basis points.  If so, we could see some much needed relief for GBP/NZD.

Latest FX news by Joe De Berniere