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GBP/USD Daily Forecast - 12 February

Saturday, Feb 10 2018
GBP/USD Daily Forecast - 12 February

Friday's session brought UK Industrial Production figures. In the three months to December 2017, the Index of Production was estimated to have increased by 0.5% compared with the three months to September 2017, due to a rise of 1.3% in manufacturing; this was partially offset by a decrease of 4.7% in mining and quarrying, caused mainly by the shut-down of the Forties oil pipeline for a large part of December 2017. Within manufacturing, 9 of the 13 manufacturing sub-sectors experienced growth; the largest contribution to quarterly growth came from basic metals and metal products, which increased by 5.7%.

Total production output increased by 2.3% for the three months to December 2017 compared with the same three months to December 2016; manufacturing provided the largest upward contribution with an increase of 3.4%. For the calendar year 2017, total production output increased by 2.1% compared with 2016, with manufacturing providing the largest upward contribution, increasing by 2.8%. In December 2017, total production was estimated to have decreased by 1.3% compared with November 2017; mining and quarrying provided the only downward contribution, falling by 19.1% as a result of the shut-down of the Forties oil pipeline for a large part of December.

 

There will be no major data releases both from the UK and the USA on Monday, so we can expect a bit steadier session. 

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