The release of strong industrial and manufacturing data releases from the UK failed to boost the British Pound on Friday, with the GBP/USD closing down 0.06% to $1.2490.
Industrial and manufacturing production in the U.K. soared in December, comfortably beating market consensus expectations. Although failing to boost a beleaguered GBP, the data bolstered optimism over the U.K. economy. It also helped allay fears of the fallout from last years Brexit decision.
Official data released on Friday showed that Manufacturing production in the U.K. increased more-than-expected in January. In a report released by the National Statistics it was revealed that U.K. manufacturing production increased from 1.4% to a seasonally adjusted 2.1%. The 1.4% recorded in December was revised up from 1.3%.Analysts were expecting U.K. manufacturing production to increase 0.5% in January.
Official data also released on Friday showed that showed industrial production in the U.K. increased more-than-expected in January. In a report released by the National Statistics U.K. industrial production was 1.1% in January. Although lower than the 2.0% recorded in the preceding month, analysts had forecast U.K. industrial production to increase 0.2% last month.
The positive UK data failed to boost the British Pound which closed lower against most major currencies.