The Euro to GBP exchange rate slid to its lowest level in a month on Tuesday after the Pound received a boost from better-than-expected industrial and manufacturing production data.
According to data released by the UK’s Office for National Statistics industrial and manufacturing production in the UK beat economist forecasts, signalling that the UK economic recovery is continuing to flourish.
Industrial production increased by 0.9% month-on-month and surged by 2.7% on a yearly basis. The jump in production was the biggest increase recorded in eight months. Manufacturing meanwhile surged by 1%, smashing forecasts for a rise of 0.3%. Its monthly rise was the biggest recorded since September 2013. On a yearly basis, manufacturing production advanced by 3.1%.
The only decreases in production recorded were in the electricity, gas, steam & air conditioning output, which decreased by 8.8% between February 2013 and February 2014. This was attributed to the average temperature in February 2014 being warmer than February 2013.
A separate report released by the British Chambers of Commerce also buoyed the Pound. The report showed that the UK’s service sector export sales and orders are currently at record high levels.
“It is great to see another positive story as we enter the 25th year of our survey. Confidence is high and our members are determined to continue driving the recovery. We are brilliant at services and very successful at exporting our knowledge-based industries all over the world,” said BCC director general John Longworth.
The Euro is likely to soften further in a session devoid of any major Eurozone data.
Current Euro Exchange Rates
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