UK manufacturing going cold
The UK manufacturing sector is slowing more sharply than expected, falling by 0.7% in April on the previous month. This latest release leaves manufacturing output 2% below the recent peak set in May 2011 and still 9% below its pre-crisis peak. A double dip in activity is clearly evident. Unseasonal weather conditions will continue to make it difficult to interpret the production figures in the coming months. This has held back GBP.
Trading in the euro remains fragile with EUR/USD falling below the $1.25 level during London trading while GBP/EUR rose to its highest level in two weeks as concerns over Spain and the Greek elections this weekend continue. Spanish 10 year bond yields hit their highest euro era level of 6.81% yesterday, a clear sign that investors remain cautious.
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