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Sterling at day's highs after output data; stocks settle
October 10, 2017 / 8:50 AM / 9 days ago

Sterling at day's highs after output data; stocks settle

LONDON, Oct 10 (Reuters) - Sterling extended gains and equities were broadly unchanged after monthly British manufacturing data beat forecasts, cementing expectations that the Bank of England will raise rates at its next policy meeting in November.

The Office for National Statistics said on Tuesday manufacturing output rose by a monthly 0.4 percent in August, matching July’s pace and faster than a forecast for output to rise 0.2 percent in a Reuters poll of economists.

Before the release of the data, sterling was already up 0.3 percent on the day against a broadly weaker dollar.

After the data, the British pound added gains and was up 0.4 percent on the day at $1.3189 against the dollar. It was broadly unchanged against the euro

Britain’s FTSE 100 hits the day’s low after output data and was down 0.01 pct but it remained in tight ranges. (Reporting by the London Markets Team; Editing by Catherine Evans)

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