Latest data released by ONS - 11 April 2018
- Prior m/m +0.1%
- Manufacturing production y/y +2.5% vs +3.3% expected
- Prior y/y +2.7%; revised to +2.2%
- Industrial production m/m +0.1% vs +0.4% expected
- Industrial production y/y +2.2% vs +2.9% expected
- Construction output m/m -1.6% vs +0.9% expected
- Construction output y/y -3.0% vs -2.5% expected
Pretty much a miss on expectations on all fronts, and softer revisions to prior data for manufacturing and industrial output. The revisions sort of distorts the trend for the data, as they are quite sizable revisions to the downside.
But the miss on expectations point to another soft report that feeds into sentiment of the UK economy.
Cable now at 1.4202, a little off the highs for the day. EUR/GBP at 0.8707 mainly unchanged. GBP/JPY at 151.89 rather unchanged from the data release.
