Sterling Trims Gains as UK Data Weighs, Rebounds

Macroeconomic indicators released from the United Kingdom today were bad across the board. This did not prevent the Great Britain pound from rising against the US dollar and the euro (though the currency slid against the Japanese yen) but made the sterling trim its gains. Currently, it looks like the sterling is going to regain its upward momentum.
Manufacturing production slumped 1.1% in February from the previous month, much more than analysts had forecast (just 0.2%). Industrial production declined 0.3% instead of rising 0.1% as it has been predicted. The trade balance improved a bit as the deficit was at £4.8 billion in February, down £0.4 billion from January, but still missed the average analysts’ estimate of £10.3 billion.
GBP/USD was up from 1.4055 to 1.4108 as of 12:45 GMT today. EUR/GBP sank from 0.8093 to 0.80.52.

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