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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.

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