9 Dec 2014
EUR/GBP hits daily highs after UK data
FXStreet (Córdoba) - EUR/GBP pushed to fresh daily highs as the pound weakened following the release of below-expectations UK industrial production and manufacturing data.
UK manufacturing output fell 0.7% in October, versus a rise of 0.2% expected. Compared with October 2013, manufacturing production was 1.7% higher, but missed expectations of a 3.2% increase. Meanwhile, the wider measure of industrial production dropped 0.1% MoM and rose 1.1% YoY versus +0.2% and +1.8% expected respectively.
EUR/GBP broke above previous highs at the 0.7880 zone and climbed to a high of 0.7894 before losing momentum. At time of writing, the pair is trading at 0.7890, recording a 0.29% gain on the day.
UK manufacturing output fell 0.7% in October, versus a rise of 0.2% expected. Compared with October 2013, manufacturing production was 1.7% higher, but missed expectations of a 3.2% increase. Meanwhile, the wider measure of industrial production dropped 0.1% MoM and rose 1.1% YoY versus +0.2% and +1.8% expected respectively.
EUR/GBP broke above previous highs at the 0.7880 zone and climbed to a high of 0.7894 before losing momentum. At time of writing, the pair is trading at 0.7890, recording a 0.29% gain on the day.