10 Jan 2014
Flash: UK data was disappointing - BBH
FXstreet.com (Guatemala) - Sterling was trading on the weak side after disappointing industrial output data before NFP’s, and it is worth noting the break down from analysts at Brown Brothers Harriman.
Key Quotes:
“Recall that in November, the UK's manufacturing PMI rose to a new 2-year high of 58.1 from 56.5. It had encouraged economists to look for a gain of around 0.4% in industrial production and manufacturing”.
“Instead, both came out at flat. Similarly, the construction PMI had risen from 59.4 in October to what appears to be a record high of 62.6 for this relatively new series”.
“However, today's construction output report showed a 4.0% fall (consensus was around 0.8%). This is twice the gain posted in October. Adding insult to injury, the BRC reported a 0.4% rise in like-for-like sales and this was half of what the market expected”.
Key Quotes:
“Recall that in November, the UK's manufacturing PMI rose to a new 2-year high of 58.1 from 56.5. It had encouraged economists to look for a gain of around 0.4% in industrial production and manufacturing”.
“Instead, both came out at flat. Similarly, the construction PMI had risen from 59.4 in October to what appears to be a record high of 62.6 for this relatively new series”.
“However, today's construction output report showed a 4.0% fall (consensus was around 0.8%). This is twice the gain posted in October. Adding insult to injury, the BRC reported a 0.4% rise in like-for-like sales and this was half of what the market expected”.