020 7898 0500Manufacturing managed to reverse the losses from last month and beat the forecast by growing by 1.3 percent. The largest contribution gain came from pharmaceuticals, which saw output increase by 11.4 percent. Another positive recording showed that industrial production – a broader gauge of activity – jumped 2.1 percent. Despite these upbeat numbers we are seeing concerns from analysts, who fear that uncertainty surrounding Brexit outweighs the positive data, hence the decline in sterling (GBP, pound).
In the afternoon, Bank of England Governor, Mark Carney testified before the Parliament’s Treasury Select Committee, in London. He stated that the immediate risk posed by Brexit to the UK economy has declined, but went on to highlight the overall level of risk was still “elevated”. Meanwhile, the focus of the day was President-elect Trump’s press conference at Trump Tower, New York.
