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UK IP data largely in line with expectations - TD Securities

FXStreet (Łódź) - Tim Davis, Vice President, Global Strategist at TD Securities comments on the UK Industrial Production and Manufacturing production data released in the European morning and not bringing any surprises.

Key quotes


"Details of the report were mixed. 8 of 13 sectors were up, led by metals, while most of the sectors that declined saw decent falls, with electrical equipment down 3.6%, machinery and equipment down 1.8%, chemicals down 2.5%, and transport down 3.1%, and overall, it was another weak month for investment goods, which is likely very much tied to the softer global manufacturing trends at the moment and excess spare capacity."

"There were reported shutdowns in auto factories as well as some North Sea refineries, weighing on this data though, so overall, the data does probably lean slightly to seeing some improvement next month net of how the global trends pan out, with the latter looking weak given the early surveys."

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