Pound Weakens as Manufacturing Declines

The Great Britain pound weakened today after the set of unfavorable reports was released, causing concern that the budget cuts, planned in order to fight the budget deficit, would have negative impact on Britain’s struggling economy.
Total production output decreased by 0.4 percent between March and April. Month on month the output prices measure for all manufactured products rose 0.3 percent in May, compared to the predicted increase of 0.6 percent and the 1.6 percent growth in April.
GBP/USD traded today at about 1.4642 as of 10:40 GMT after opening at 1.4712.

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