Although the sun may have been shining yesterday in London city the UKâ€™s Month on Month manufacturing and Goods trade balance provided no such optimism.
Manufacturing data had been expecting to register a flat 0.0% however it was much worse and found its way safely into negative territory at – 0.3%. Many had anticipated a decline but the extent of the fall was particularly disappointing.
Things were compounded only a few minutes later with the release of the goods trade balance which highlighted that the UK Trade deficit had widened to Â£12.409 BN, Â£2.409 BN more than projected; also worth noting is that the Â£10BN was revised down in May and was initially set at Â£9.88BN.
Figures, as mentioned, were for June and therefore pre EU-referendum indicating a slowdown before BREXIT. Next for sterling came the monthly industrial production figures; forecasted to be a â€“0.1%, it exceeded expectations and registered 0.1%; although it didnâ€™t save the GBP.
GBP/USD sat comfortably under the 1.30 mark on Tuesday whilst GBP/â‚¬ declined sharply after the release and closed at a shade over 1.17, however, overnight it lost further ground.
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