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    Forex News from New Forex: The pound sterling declines after fresh economic data

    The British currency reached an intraday low in the trading on Wednesday, May 11, as soon as the manufacturing data was released in the UK. The currency pair pound/dollar shed 0.08% to 1.4428. The pound sterling tumbled against the euro, the pair euro/pound stands at 0.7895 (-0.36%).

    The manufacturing output decreased in the UK by 1.9% in March which is the largest fall in the last three years. The industrial output climbed 0.3% in March but is 0.2% lower year-on-year. According to the preliminary figures, the economic growth cooled down in the country to 0.4% in the first quarter.

    European markets stay in the red zone today due to weak prices of black gold and low data in the bank sector. WTI is seen at $44.66, Brent oil trades at $45.85 per barrel. The pan-European index STOXX 600 lost 0.7%. The UK’s FTSE slid 0.21%, the German DAX edged down to 0.75%, the French main index CAC 40 slumped to 1.02%.

    The pound sterling declines after fresh economic data

    NewForex Analyst

    Joseph Schwartz

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