Send me real-time posts from this site at my email
Fan Yang

UK Manufacturing Disappointed; GBP Slides

Today, the UK Office of National Statistics showed that manufacturing contracted in May 2017. Manufacturing production fell 0.2% in May 2017 compared to April. It was also down 0.2% compared to May 2016. 

(courtesy of

The contraction was a surprise as economists anticipated a month-on-month increase of 0.5% instead of the -0.2% reading. The market reacted by selling the pound. Let's take a look at the pound against the euro.

EUR/GBP 1H Chart

(click to enlarge)

EUR/GBP rallied sharply after the manufacturing data disappointed. It looks poised to retest the 0.8880 high from June, and has upside towards 0.90, and eventually the 2016 high around 0.92. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue