Sterling was given a boost during Tuesday morning’s trading, following the release of the latest UK Industrial and Manufacturing Production data. UK manufacturing grew by 1% in February the ONS confirmed, with figures showing the biggest rise since September. These figures were ahead of the forecasters and Sterling received an immediate boost in the market, moving through 1.21 against the EUR.
Industrial output also came out better than expected, with a rise of 0.9%. This figure showed an immediate bounce back following a poor January, where industrial output was hampered by bad weather, which slowed down North Sea oil and gas output. This combined with the positive manufacturing data, has helped to boost Sterling’s market position and it is likely this trend could continue over the coming days.
These data releases have only reinforced how essential manufacturing is to the UK’s on-going recovery and it wouldn’t be a surprise to see the markets place more and more emphasis on these releases in the future. The importance of this was highlighted by Chancellor George Osbourne who last month announced new government measures to help manufactures in order to boost the economic recovery.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our exchange rates against your current provider, then please feel free to contact me directly at [email protected].