Sterling trims gains after weak data, wider trade gap
[LONDON] Sterling dipped back below US$1.41 after a batch of UK data on Friday, trimming early gains against both the US dollar and the euro on the back of a surprise drop in Britain's industrial output and a wider than expected trade deficit.
Industrial output fell 0.3 per cent month-on-month in February to give a 0.5 per cent fall on the year, its biggest drop since Aug 2013. Economists had expected it to edge up by 0.1 per cent on the month and hold steady on the year.
The country's trade deficit in February was at 12 billion pounds, well above a 10.2 billion consensus forecast. January's reading was also revised up to 12.2 billion pounds.
Sterling slipped to US$1.4097 from US$1.4130 before the data was released, still up 0.3 per cent on the day. The euro inched up to 80.71 pence, having traded at 80.56 beforehand.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month
China firms are investing abroad at fastest pace in eight years