The stronger-than-anticipated report on the UK manufacturing production resulted in a modest increase of the British Pound. The GBP/USD exchange rate added 6 base points and moved higher to be seen trading near the weekly high of 1.3221. However, the pair returned to the 1.320 area to reveal a narrow-range side move on early Monday.
The Office for National Statistics said that the UK manufacturing and industrial output both rose 0.7% over the course of September, where each sector revealed the fastest growth pace since last year’s December. However, a sharp decrease in construction and lingering squeeze on British households’ incomes indicated that the UK economy would face difficulties as Brexit approaches.
