United Kingdom's Manufacturing Production data rose in May 2011 higher than expectations and at the fastest monthly pace over more than a period of one year. National Statistics released that U.K's manufacturing output rose to 1.8% in May, rather than 1.1% as expected. Between April and May, manfucaturing production rose by 0.9.
Britain's manufacturing production made a strong comeback after many months of negative news. The good release earlier today is considered as correction from a very large slump in the manfacturing production. While this was a positive release for the U.K economy, the forex market didn't move drastically for the British Pound. GBP/USD was at 1.5998 prior to data. After the release the pair went from trading at 1.5998 to 1.6007 and back again to prior to data level.
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