Following last week’s better-than-forecast UK manufacturing, construction and services PMI, the domestic data published this morning was a bit of a mixed bag.
The Pound Sterling Exchange Rate was in the region of 1.5542 against the US Dollar as of 10:10 GMT
The latest figures released by the Office for National Statistics showed that manufacturing output fell by 0.2 per cent from March to April, down from the 1.1 per cent month-on-month gain recorded in March but in line with estimates.
Year-on-year manufacturing output was down by 0.5 per cent, a worse drop than the 0.3 per cent decline forecast.
Ten of the thirteen categories which make up manufacturing output fell in April, with a reduction in wood/paper/basic metal and metal products.
However, month-on-month industrial production unexpectedly increased by 0.1 per cent in April. Economists had expected stagnation following the strong 0.7 per cent rise posted in March.
Prior to the data releases the Pound was little changed against the US Dollar and Euro
Although industrial production was down 0.6 per cent on the year it increased by 0.8 per cent in the three months through April.
As IHS Global Insight economist Howard Archer noted: ‘Manufacturers will be hoping that the recent signs of improvement in the UK economy are sustained and that this increasingly lifts business and consumer confidence which in turn translates into higher demand for capital goods and consumer goods.’
Meanwhile a separate report showed that British house prices climbed at their most rapid pace for almost three-years last month.
Data compiled by the Royal Institution of Chartered Surveyors showed that in May the seasonally adjusted house price balance came in at +5, the strongest reading since mid-2010.
The following statement from the RICS accompanied the figures: ‘More people decided to get out there and view property, and more transactions went through than in quite some time. There is still a very long way to go until we see a full scale recovery but green shoots are beginning to sprout.’
Prior to the data releases the Pound was little changed against the US Dollar and Euro.
After their publication the Pound declined against the Euro and dipped against the US Dollar, but further movement can be expected to occur in response to this afternoon’s NIESR GDP estimate for May.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5542 <
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1709 <
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6608 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9890 >
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6431 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8543 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6016 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5030 <
(As of 10:10 GMT)
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