OctaFX | OctaFX Forex Broker
Open trading account
Back

Ftse weakens, Industrial Production misses forecast

FXStreet (Mumbai) - The UK equities are trading lower after a weak start, although reaction to the weak Industrial Production data has been more or less muted.

The Ftse is trading 0.74% lower at 6514.80 at the time of writing. The UK Industrial production expanded by 2.5% year-on-year in August, against the market expectation of 2.6% growth. However, markets seem to have taken a respite from the upwardly revised data for the month of July. Month-on-month, the data declined 0.0%. The Manufacturing production rose 3.9% against the market expectation of a 3.4 % gain.

GBP/USD is trading marginally lower at 1.6062 while the ten-year Gilt yield is down 0.5% to 2.345. Weakness in yields is likely to keep the pound under pressure.

Ftse technical levels

Ftse has breached the support level of 6597 and is heading towards 6507 (low of 14th Apr, 2014). Prices can rise to 6567 levels if the index sustains above the resistance level of 6597.

EUR/USD back to 1.2600

The single currency is now losing the grip vs. the US dollar, dragging EUR/USD back to another visit of the 1.2600 mark...
Read more Previous

BoJ shrugs off recent string of weak data - BNP Paribas

BNP Paribas economist Raymond Van der Putten remarks that the BoJ left policy unchanged at today's meeting and suggested that recent unsatisfactory economic releases were due to the lasting impact of the April sales tax hike as well as effects of bad weather.
Read more Next
Start livechat