UK Industrial Production fell less than expected

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Thursday, Jul 07 2016

Total production output is estimated to have increased by 1.4% in May 2016 compared with May 2015. There were increases in 3 of the 4 main sectors, with the largest contribution coming from manufacturing (the largest component of production), which increased by 1.7%. The largest contribution to the increase in manufacturing came from the manufacture of transport equipment, which increased by 6.6%.

Total production output is estimated to have decreased by 0.5% in May 2016 compared with April 2016. Analysts were anticipating 1.2% decrease. There were decreases in 3 of the 4 main sectors, with the largest downward movement coming from manufacturing, which decreased by 0.5% and contributed -0.3 percentage points to total production. The largest contribution to the decrease in manufacturing came from the manufacture of basic pharmaceutical products & pharmaceutical preparations, which decreased by 6.5%, having increased in the previous month by 9.0%.

Sterling is currently being traded few points above 1.30 level. Pair is likely to find support around 1.30 handle and resistance above 1.3150 level.

More in this category: « German Industrial Production decreased by 1.3% Private sector employment up by 172,000 jobs »

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