Industrial Production in the UK Drops
Today’s industrial production report revealed that output among UK producers fell surprisingly for January, in contrast with the same month’s robust manufacturing PMI reading. However, the Pound has continued to trade on a firmer footing against the Euro following the release of today’s data. Later today, traders will eye the NIESR’s projection on Britain’s GDP for the three months ended February.
The ECB President, Mario Draghi, in a speech earlier today expressed confidence in the recently launched quantitative easing programme and hinted that these measures will help bring the region’s inflation close to the 2% target. With no crucial macro triggers across the Atlantic today, market participants will shift their focus to tomorrow’s retail sales report to gauge the health of domestic spending for February.