UK Economic Reports Fail to Impress, Sterling Under Pressure

The Great Britain pound dropped today as basically all reports released from the United Kingdom during the current trading session were bad and missed market expectations.

The Halifax House Price Index did not change in March from February even though analysts had promised a small increase by 0.2%. Manufacturing production fell 0.1% and industrial production shrank by 0.7% in February from the previous month while markets were expecting growth of the indicators as well. Construction output dropped 1.7% in February from January, and in this instance forecasters were also wrong, promising a small increase.

GBP/USD dropped from 1.2468 to 1.24221 as of 12:04 GMT today. GBP/JPY was down from 138.11 to 137.53, trading near the lowest level since January 17.

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