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Sterling falls after flat UK manufacturing data
January 10, 2014 / 9:53 AM / 4 years ago

Sterling falls after flat UK manufacturing data

LONDON (Reuters) - Sterling extended losses against the dollar and the euro on Friday after weaker-than-forecast industrial and manufacturing output data cast some doubt on the strength of the UK’s economic rebound.

Some British sterling money in coins and bank notes is seen September 2, 2005. BANKG REUTERS/Catherine Benson

The pound fell to $1.6403 from $1.6450 before the data, leaving it down 0.5 percent today. The euro rose against the pound to stand up 0.4 percent at 82.93 pence, up from 82.69 pence before the data.

Output for both manufacturing and industrial production was unexpectedly flat on the month, while October’s increases were revised down.

UK gilt futures hit a session high of 107.46 after the data, up as much as 24 ticks on the day.

Sterling was one of the strongest-performing major currencies of the second half of last year as the UK’s economic rebound raised expectations that an interest rate rise would be brought forward, although the pound has weakened against the dollar so far in 2014.

Reporting by Laurence Fletcher and Emelia Sithole-Matarise; editing by Patrick Graham

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