Production data released by the Office for National Statistics missed analysts’ expectations. Manufacturing output had its lowest drop in 5-months, though it was pulled down by a fall in the production of computers. The ONS announced that manufacturing output was the only one of the four components of the Index of Production to fall.
Sterling was offered following the disappointing figures, trading down to print 1.5641. Cable has been trending in a choppy channel since early November, reaching a high of 1.5824 (27th Nov), slowly grinding lower to yesterday’s session low 1.5540.