GBP/USD-Sterling Hits 3-Year Low The British Pound traded at a three-year low versus the greenback after economic reports showed that Factory Output fell 0.8 percent from April when it posted a 0.2 percent decline. Manufacturing Production dipped at an annual rate of 2.9 percent in the month of May, while economists predicted it would only sustain a 1.6 percent fall. The Office for National Statistics indicated that Industrial Production stagnated in May, while analysts had predicted it would rise 0.2 percent. Other releases revealed that the country’s Trade Deficit expanded from GBP8.43 billion in April to GBP8.49 billion in May. On the positive side, the Housing Price Index rallied 21 percent last month; and Retail Sales, climbed at annual 1.4 percent in the same month.
Posted on: Wed, 10 Jul 2013 10:57:27 +0000
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