Industrial output in the UK increased by 2% m/m in April, lifting an annual increase to 1,6% from -0,2% in March, defying the PMI reading which was the weakest in 2016 in that month. That reading helped the GBP but obviously the currency is going to be mostly under influence of polls in the nearest future.
Source: XTB, Macrobond
The reading is even more positive when we look into details. It was fueled by manufacturing, up 2,3% m/m, especially pharmaceutical sector, increasing output by w whooping 8,6%, mostly for exports. This is the good news for the GBP that not all has been frozen ahead of the Brexit vote.
EURGBP is down to 0.78 after the data. More on the GBP ahead of the referendum in our Brexit report, released yesterday.
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