Sterling Drops, Hurt by Britain’s Manufacturing Data

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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