The Pound slowed down its decline. Overview for 12.10.2022
The Pound Sterling is trying to reach stability against the USD. The current quote for the instrument is 1.0990.
The statistics published by the United Kingdom in the morning weren’t too positive. The GDP lost 0.3% m/m in August after adding 0.2% m/m in July.
The Industrial Production declined 1.8% m/m in August after losing 0.35 the month before and against the expected growth of 0.1% m/m. The Manufacturing Production is looking rather weak – it lost 1.6% m/m, much worse than expected.
The Construction Output added 0.4% m/m in August. However, it’s still weaker than the expected reading of 0.5% m/m, although it’s better than the previous number of 0.1% m/m.
On one hand, hardly anybody is ready to buy or build on a large scale amid inflation rally and a very controversial economic situation in the country. On the other hand, in the future, onstruction materials and the Manufacturing Production sector products might be even more expensive.
Frankly speaking, the statistics didn’t provide the Pound with any positive vibes.
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