On Wednesday, GBPUSD is trading downwards; the statistics are against the British currency.
The British Pound is falling against the USD in the middle of the week. The current quote for the instrument is 1.3360.
There have been a lot of interesting numbers from the United Kingdom this week. On Monday, investors were presented with the Industrial Production report, which disappointed them. In April, the indicator lost 0.8% m/m after adding 0.1% m/m the month before and against the expected reading of +0.1% m/m.
The components of the report show that the Manufacturing Production lost 1.4% m/m (-0.1% m/m in March). The Construction Output increased by 0.5% m/m, but it wasn’t enough to save the day, because the report was also underwhelming. There is only one sure thing to say right now – British manufacturers had very tough April and no one can be sure that May results will be any better.
On Tuesday, the United Kingdom reported on the Unemployment Rate, which remained unchanged at 4.2%, and the Average Earnings Index, which added 2.5% 3m/y in April (+2.6% 3m/y in March). These numbers made the Pound a little bit more attractive to investors.
Another report, the Claimant Count Change, showed -7.7K in May after +28.2K in the previous month. The Pound may have been supported by this number, but the news prevented the British currency from doing it. Yesterday, it was reported that the Justice minister Phillip Lee resigned over the Brexit policy.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Need any help? Click on the icon in the lower right corner of the page and get an answer to any your questions