The pound is tumbling

British pound is tumbling after a sharp plunge in manufacturing data.

Sterling is down by 0.5% at 1.3378 against the dollar as of 7:43 a.m. ET.

Earlier, data from the Office for National Statistics showed manufacturing production, a measure of how much British factories are making, fell by 0.9% in July, below expectations of a 0.4% decline.

Still, although the post-referendum number is disappointing, it’s worth noting that the sector wasn’t exactly flourishing ahead of the Brexit vote: manufacturing production fell by 0.2% in June, and by 0.6% in May.

As for the rest of the world, here’s the scoreboard as of 7:29 a.m. ET.

  • The Australian dollar is down by 0.1% at .7681 per dollar after data showed that the Australian economy grew by 0.5% quarter-over-quarter in the April through June period. And while the reading was a bit below the 0.6% growth that was expected, it marked Australia’s 25th consecutive year without a recession.
  • The US dollar index is unchanged at 94.82 ahead of the JOLTS Job Openings, which will be out at 10 a.m. ET, and the Fed’s Beige Book, which will cross the wires at 2 p.m. ET.
  • The euro is little changed at 1.1251 against the dollar after German industrial production disappointed, falling 1.5% month-over-month in July, below expectations of a 0.2% uptick.
  • The Japanese yen is stronger by 0.4% at 101.59 per dollar.
  • The Russian ruble is up by 0.3% at 64.3815 per dollar.

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