GBP remains steady after manufacturing production data

Thursday, 7 July 2011 12:42

United Kingdom's Manufacturing Production data rose in May 2011 higher than expectations and at the fastest monthly pace over more than a period of one year.  National Statistics released that U.K's manufacturing output rose to 1.8% in May, rather than 1.1% as expected.  Between April and May, manfucaturing production rose by 0.9.

Britain's manufacturing production made a strong comeback after many months of negative news.  The good release earlier today is considered as correction from a very large slump in the manfacturing production.  While this was a positive release for the U.K economy, the forex market didn't move drastically for the British Pound.  GBP/USD was at 1.5998 prior to data.  After the release the pair went from trading at 1.5998 to 1.6007 and back again to prior to data level.