Pound Slides as Trend of Disappointing UK Economic Releases Continues

The Great Britain pound dropped today as macroeconomic indicators released in the United Kingdom continued to disappoint.

Industrial production contracted 0.1% and manufacturing production declined 0.2% in May instead of rising as analysts had predicted. Construction output dropped 1.2%, and forecasters were wrong again with their predictions of growth. The trade balance deficit widened by £1.0 billion to £3.1 billion in May while experts had predicted it to stay almost unchanged.

GBP/USD declined from 1.2969 to 1.2917 as of 9:03 GMT today. EUR/GBP gained from 0.8806 to 0.8838.

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