The latest statistics from the Office for National Statistics (ONS) shows. That the United Kingdom’s (UK) industrial sector activity improved in June. UK Manufacturing Output up 2.4% MoM in June, compared to 0.2% expected and -0.1% in May, while overall industrial output increased 1.8% MoM, compared to 0.1% expected and -0.6% in May.
The UK Manufacturing Production figures increased by 3.1% year on year in June, above predictions of 0.3%. Total Industrial Output increased by 0.7% in June, above the -1.1% predicted and the prior figure of -2.1%.
Separately, the UK goods trade balance figures were released, which came in at GBP-15.455 billion in June, compared to GBP-16.40 billion expected and GBP-18.411 billion before. Non-EU total trade balance. In June, GDP was GBP-2.772 billion, down from GBP-6.615 billion the previous month.
The UK economy expanded by 0.2% year on year in the three months to June, compared to a 0.1% increase in the first quarter of 2023. The market expected little increase in the given period.
Annual GDP growth in the United Kingdom was 0.4% in the second quarter, compared to 0.2% predicted and a 0.2% gain in the previous quarter.
The UK GDP climbed 0.5% month on month in June, compared to 0.2% predicted and -0.1% before. Meanwhile, the June services index was 0.1% 3M/3M, 0% previous, and 0% projected.
In response to the UK GDP report, Finance Minister Jeremy Hunt stated, “we’re laying strong foundations needed to grow the economy.”
UK Manufacturing Output reaction on Market
GBPUSD is trading in the positive zone around 1.2700 in the European morning on Friday. The UK statistics revealed that GDP rose at an annual pace of 0.4% in Q2, which was higher than the market forecast of 0.2% and helped the Pound Sterling find demand.
https://voiceoftraders.com/analysis/gbpusd-maintains-its-position-above-1-2715-ahead-of-us-data
