Pound Remains Under Pressure
Where do we start? After yesterday's shafting by the banking sector, a raft of poor economic data has the pound under pressure again this morning.
January manufacturing output in the UK was down 2.9% on the previous month against expectations of a 1.4% fall, data issued today reports. Year-on-year output has now declined 12.8% compared to an analysts' consensus of 11.7%.
January industrial production was down 2.6% on the month, compared to a consensus of 1.2%. That pegs year-on-year industrial production down 11.4% compared to expectations of a 11.7% drop.
Meanwhile the housing market goes from bad to worse with property sales now at their lowest level in at least 31 years.
In the three month period Dec/Jan/Feb, estate agents averaged just three sales per month, the lowest since the Royal Institution of Chartered Surveyors' survey began in 1978.
The pound fell to a 5 1/2 week low of 92.18 pence against the euro and just shy of yesterday's six week low against the dollar to $1.3763 against the US dollar, before recovering slightly to 91.76p and $1.3834.
January manufacturing output in the UK was down 2.9% on the previous month against expectations of a 1.4% fall, data issued today reports. Year-on-year output has now declined 12.8% compared to an analysts' consensus of 11.7%.
January industrial production was down 2.6% on the month, compared to a consensus of 1.2%. That pegs year-on-year industrial production down 11.4% compared to expectations of a 11.7% drop.
Meanwhile the housing market goes from bad to worse with property sales now at their lowest level in at least 31 years.
In the three month period Dec/Jan/Feb, estate agents averaged just three sales per month, the lowest since the Royal Institution of Chartered Surveyors' survey began in 1978.
The pound fell to a 5 1/2 week low of 92.18 pence against the euro and just shy of yesterday's six week low against the dollar to $1.3763 against the US dollar, before recovering slightly to 91.76p and $1.3834.