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UK industrial production data, which showed improvement is unlikely to support Pound, which has been hit hard by weaker inflation and interest outlook of Bank of England (BOE) yesterday.
According to latest projection, Bank of England (BOE) has used base case as no interest rate hike in 2016 and inflation is still likely to remain within Bank of England (BOE) target range and may not even rise above 1%.
Compared to such downgrade in inflation expectation, today's marginal improvement in industrial production is not likely to lend a hand to Pound's support.
- Manufacturing production improved rose by 0.8% in September from August, however still down -0.6% from a year ago. Industrial production on the other hand declined by -0.2% in September and up only by 1.1% from a year ago.
Only support pound can get is from inflation data itself. Better employment might trigger some short covering but unlikely to change course as according to BOE, current wage growth not enough to push inflation towards 2% goal.
Pound is currently trading at 1.526 against Dollar.
