You've got to feel for the Pound. Overview for 10.12.2021
GBPUSD remains weak after updating its lows this week.
The British Pound remains under pressure against the USD. The current quote for the instrument is 1.3203.
The Pound was failed by the concerns about a possible outbreak of the new coronavirus strain, Omicron, in the United Kingdom. Investors have been afraid that London may introduce new anti-COVID-19 restrictions during the whole week. Of course, it didn’t make the Pound any happier.
Today’s statistics showed that the Industrial Production in the United Kingdom lost 0.6% m/m in October after dropping 0.4% m/m in September, although it was expected to add 0.1% m/m. The Manufacturing Production showed no changes after losing 0.1% m/m in the previous month. The Construction Output plunged by 1.8% m/m after adding 1.3% m/m the month before.
Overall, the sector plunged because everyone was concerned about coronavirus restrictions and lockdowns.
The British GDP growth also slowed down in October and showed only 0.1% m/m after being 0.6% m/m in September. The expected reading was 0.4% m/m.
In other words, the Pound failed to find any support in Friday’s statistics.
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