UK manufacturing beat expectations

UK manufacturing production data came in a lot stronger than expected.

According to the latest figures from the Office of National Statistics, released on Wednesday, manufacturing production rose by 0.7% month-on-month in January 2016, beating analysts’ estimates of a 0.2% rise.

Year-on-year, manufacturing production registered a 0.1% fall, beating expectations of a 0.7% drop.

Industrial production didn’t do as well.

It rose by 0.3% in January, missing expectations of a 0.5% rise.

The pound stormed up above $1.42 on the news.

Here’s the chart:

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