The GBP/USD pair continues to strengthen on Wednesday, although the British macroeconomic data was minor.
On Wednesday, the British pound traded upward in tandem with the US dollar. The current quotation of the instrument is 1.4525. The pound significantly departed from the local minimum, but is still quite unstable.
Today interesting macro statistics on the UK were published. Industrial production in the Foggy Albion for December fell by 1.1% m/m against expectations of a reduction of 0.1% m/m. The yealy indicator fell by 0.4% after growth of 0.7% y/y in November last year.
The manufacturing industry is also not in the best form. In December 2015, the index fell by 0.2% m/m after the November decline of 0.3%. In a year to year comparison the volume of production in the UK manufacturing fell by 1.7%.
The decline in the industrial sector is quite understandable. Low demand for the products of the manufacturing sector in the country and within the EU has lasted for a while and will continue for some time. Investments in the industry are limited by the same factor. However, the fall here is reducing the support for the GDP.
Controversial sentiments against the US dollar are playing in favor of the pound - today's speech by Janet Yellen, the head of the US Federal Reserve, will mean a lot for currency investors. The softer the tone of the monetary politician, the more the dollar would be likely to retreat.
RoboForex Analytical Department
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