Granted that the UK doesn’t have as strong a manufacturing base as compared to the services sector, but it still matters to the economy, BOE and the people.
I was in the midst of a conference when the data came out and my Iphone alarm went off. I rushed back to my room and saw the terrible negative numbers on the manufacturing and industrial production.
I quickly decided to short the GBPUSD at 1.45 to chase the market.
It’s almost midnight here in Singapore and I just squared my position at 1.4366 for a whopping 134bps.
Thank you GBP!
It’s gotten me to start thinking is the freefall in the GBP starting from London session into NY session a precursor to the BOE on Thursday?
The Panthenon Investment Group 