Global macro overview for 12/01/2016:
The UK industrial and manufacturing production data, which have been just released, broadly disappointed investors. The market had expected the industrial production to decline just slightly from 0.1% to 0.0% this month, instead of that the production declined to -0.7%. Moreover, the manufacturing production had stayed at the same level as a month ago: -0.4% amid the market expectation of a minor increase to the level of 0.1%. It has been the fifth consecutive annual decline. The industrial output is the biggest plunge in almost three years due to warmer weather lowering energy demand.
The GBP/USD pair has dropped in light of the negative UK economy news and currently is trading just above the support at the level of 1.4495.
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