11 June, 2018
Manufacturing output falls, leading to a sharp decline in the Sterling
Today, the ONS have published the April industrial and manufacturing production data and have announced that there was a sharp fall of 1.4% in manufacturing output compared to March and the broader measure of industrial output dropped by 0.8% in the same months.
As a result of the recent release of economic data, the Pound has taken a sharp fall in comparison to other currencies and is now down 0.26% at $1.3376.
The economic calendar for the week ahead is commencing with a quiet start. President Donald Trump will meet with North Korea’s Kim Jong Un on Tuesday and we can expect the release of the US May CPI report, the May NFIB small business optimism reading and May monthly budget statement. Before this, in Europe, the June ZEW survey and in UK the April/May employment data including average weekly earnings will be announced. The UK Parliament is also scheduled to participate in a 12-hour meeting on the legislation regarding Brexit.
Wednesday comes with the results from the FOMC meeting followed by a statement from Powell, Fed Chairman. Over in the US, the May PPI reports are expected, and Europe will provide us with their May CPI prints and April industrial production data.
President Draghi’s press conference will be followed by ECB’s latest MPC meeting on Thursday afternoon. UK May retail sales data is due for release, as is the US May retail sales report.
The week comes to an end with the release of the Euro area final May CPI revisions and in the US, June empire manufacturing, May industrial production and the preliminary June University of Michigan consumer sentiment survey are to be expected.