UK industrial output for May has come in at -0.6% m/m, -11.9% y/y, demonstrably weaker than the median forecasts of +0.2% and -11.3% respectively.
Manufacturing output has come in at -0.5% m/m and -12.7% y/y, again appreciably below forecasts of +0.2% and -11.8% respectively.
Cable having dipped to a session low 1.6152 on the news is steadying pretty quickly, back up at 1.6170 presently, which is mildly encouraging. EUR/USD just doesn’t want to go through 1.3900, which is helping.
