UK Industrial production for February came in at -1.0% m/m, -12.5% y/y, slightly better than expected vs median forecasts of -1.2% and -12.5% respectively.
Meanwhile manufacturing output for February came in at -0.9% m/m and -13.8%, better than expected vs median forecasts of -1.5% and -14.2% respectively.
The fact that the numbers were better than expected doesn’t disguise the fact they’re horrible. The year on year drop in industrial production is the biggest drop since the series began in 1968. The year on year drop in manufacturing output is the biggest since Jan 1981.
Cable having stood around 1.4720 prior to the release has slipped to 1.4695 at wrting. Technical supports now at 1.4680 and 1.4650.
