Gains of Britain’s Pound After Economic Releases Short-Lived

The Great Britain pound dropped today, falling against the US dollar for the second consecutive day, even though basically all economic reports released from the United Kingdom over the trading session were better than expectations. The currency had jumped immediately after the releases but retreated later and is trading below the opening level against the US dollar right now.

UK manufacturing production climbed 2.1% and industrial production rose 1.1% in December. The trade deficit narrowed to £8.6 billion in the fourth quarter of 2016, following a sharp widening of the deficit in the previous three months, while the UK deficit on trade in goods and services was £3.3 billion in December, a narrowing of £0.3 billion. Construction output increased 1.8% in December.

GBP/USD dropped from 1.2493 to 1.2466 as of 12:39 GMT today. GBP/JPY climbed from 141.43 to 142.35 intraday but pulled back to trade near 141.53 later.

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