Daily Forex Fundamentals |
Written by Dukascopy Swiss FX Group |
Jan 12 17 10:35 GMT
UK Manufacturing Rose In November As The Construction Sector Faced A Slowdown
'Validating recent business surveys, the official statistics are pointing to a pretty positive end to 2016 for UK manufacturing. The sold month growth in production in November appears broad based across the industry'. -Lee Hopley, EEF
British industrial production posted the biggest monthly gain since March 2016, while manufacturing production rebounded from the preceding month's fall. According to the Office for National Statistics, UK manufacturing output rose 2.1% in November, following October's upwardly revised fall of 1.3%, the largest since 2012. This jump significantly exceeded analysts' expectations for a 0.8% rise in the reported month. In the meantime, manufacturing production advanced 1.3% in November, up from a 1.0% drop in the past month, surpassing forecasts for a 0.5% increase. There was a strong gain of 11.4% in the pharmaceutical sector, which tends to be highly volatile month-over-month. Overall, the November increase was mainly driven by increasing oil prices and gas extraction, as the Buzzard field resumed production after it was shut down for maintenance works. Furthermore, unusually cold weather boosted demand for heating. On a yearly basis, manufacturing production climbed 1.2%, whereas industrial production advanced 2.0% as output surged across all major sectors. As a result, the British Pound rose shortly against other major currencies. However, it failed to maintain gains, falling back to 0.8700 against the Euro and 1.210 against the Greenback.
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