The Great Britain pound dropped today as the surprisingly poor manufacturing report hurt the currency’s appeal to investors, overshadowing decent housing data.
Britain’s manufacturing production fell 0.9% in October from the previous month while industrial production declined as much as 1.3%. Analysts totally missed the mark with their forecasts of a 0.2% increase. Meanwhile, the similar forecasts for the Halifax House Price Index proved to be correct (it indeed rose 0.2% in November), but the market largely ignored it.
GBP/USD fell from 1.2677 to 1.2610 as of 15:59 GMT today. EUR/GBP advanced from 0.8453 to 0.8526.
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