• English
    • Deutsch
    • Italiano
    • Español
    • Polski
    • 中文
    • العربيّة
    • Русский
  • Syncronize time

    If the syncronized time does not match with the time of your computer, configure the paramenters of summer time and time zone. All times in the site will be translated to your local time.

+357 25 030 930
+357 25 030 930
  • Client Area

Pound ignores weak production figures

Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

Financial and commodity markets analytics

The British pound ended the week higher on Friday, brushing off disastrous industrial production figures, and instead focusing on US Fed President Janet Yellen’s dovish speech.

At close of trade on Friday the British currency finished at US$1.4127c up 0.51 percent from Thursday’s trade.

Monthly industrial production figures from the UK hit the market at -1.1 percent, much less than the -0.2 percent figure analysts had been expecting while the yearly figure came in at -0.5 percent against a consensus of 0.0 percent.

The numbers clearly shows Britain’s manufacturing sector is in disarray which does not sit well in the lead up to the Brexit vote in June.

"The February trade and industrial production data provide a double whammy of very disappointing news for the UK economy that bodes ill for first-quarter growth prospects," said Howard Archer, chief UK economist at IHS Global Insight.

"It reinforces our belief that GDP growth will have been no better than 0.4% quarter-on-quarter in the first quarter, down from 0.6% quarter-on-quarter in the fourth quarter of 2015." he added

Keeping the pound alive last week was another speech by US Fed president Janet Yellen where she confirmed that the US central bank would take a gradual approach in tightening monetary policy.

 

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Analyst

The world of trading has no boundaries

IMPORTANT: Please be informed, that our services are available for Professional Clients only. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.