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U.K. Manufacturing Production Extends Declines

Published 12/31/2000, 07:00 PM
Updated 03/10/2009, 05:56 AM
TTEF
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Release Explanation: Measures the total value of the output from mines, industrial factories and utilities is in the Industrial read. The value of manufactured goods is in the Manufacturing read. The Shipment number covers the amount sent abroad. High production numbers usually denote an economy in an upwards trend, or growth period. These reports are reactive to change and are well respected.

Trade Desk Thoughts: The U.K. manufacturing output decreased in January by 2.9%, compared with analyst expectations of -1.5%. From one year ago, manufacturing production fell by 12.8%, and sits at a multi-year year low.

Output decreased in nine of the 13 sub-sectors and increased in four sub-sectors during the latest month. The most significant decreases in output were 10.0% in the transport equipment industries, 6.1% in the electrical and optical equipment industries and 7.0% in the machinery and equipment industries. The most significant increase was 0.9% in the food, drink and tobacco industries.

A different report showed that industrial production dropped by 2.6%, more than the forecasted number. Mining and quarrying output decreased by 3.0%.

Forex Technical Reaction: The pound made a 60-pip candle after the release. Previously, the pair struggled to break free from the range established during the last U.S. session, but until now, has not succeeded.

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