British production was revived in February
British production exceeded expectations, when in February rose sharply. A good result is due to 0.8 percent growth in the manufacturing sector. Total industrial production increased by 1 percent and lifted the mood so islanders after January's 1.3 percent decline. Economists had expected only a slight increase of 0.3 percent. Improvement in industry, however, may not last long, because PMI in March for the second consecutive decreased.
Light industry was the main reason for contraction of the British economy in the last quarter of 2012 and another bad quarter, the British sent to a third recession for the past 5 years. The first estimates of GDP for the first quarter 2013 will be published on the 25th April.
Currency Pair GBP / USDfound himself in a short bullish trend when the creation of a larger DNA continues to strengthen. The market found strong support at 1.5247 and is looking to re-test 1.5341 previous peak. Growing pound helped especially today's good news on the performance of the industry.
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