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Manufacturing production is a leading indicator of Britain’s economic health. It makes up 80% of the country’s total industrial production. As a result, this release has a great impact on the pound’s exchange rate. Production is correlated with employment and earnings. Moreover, the indicator quickly reacts to ups and downs of the business cycle.
The UK economy suffered a lot because of the Brexit deal so every piece of economic statistics is very important. If manufacturing production turns out to be better than expected, the pound will get support. Otherwise, the data will signal further weakness of the UK economy, and the British pound will decline.
• If the data is greater than the forecast, the British pound will appreciate.
• If the data is weaker than the forecast, the British pound will go down.
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