Bloomberg News

Pound Reverses Appreciation Versus Euro After Manufacturing Data Release

March 09, 2012

The pound reversed a gain versus the euro and extended its decline against the dollar after manufacturing rose less than economist estimates.

Sterling was little changed at 83.82 pence per euro at 9:36 a.m. London tim, after strengthening to 83.89 pence. The pound was 0.4 percent weaker at $1.5764.

Factory output rose 0.1 percent from December, the Office for National Statistics said today in London. The median forecast of 30 economists in a Bloomberg News survey was for an increase of 0.3 percent. Overall industrial output unexpectedly dropped 0.4 percent. A separate report showed producer prices rose more than forecast in February as crude oil prices increased.

To contact the editor responsible for this story: Mark McCord at mmccord2@bloomberg.net


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