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Pound down as industrial output falls by most in four years

GBPUSD News by Allie Longford on 08:42 December 07, 2016 EST

British industrial output suffered its largest monthly drop in more than four years in October after the temporary shutdown of a major oilfield ONS official figures showed on Wednesday.

Industrial output fell 1.3 percent month-on-month after a 0.4 percent decline in September against economists' predictions for it to rise by 0.2 percent.

The decline encompassed most sectors, the report added, indicating that the pharmaceutical sector recorded the biggest decline as output fell 3.6%.

ONS statistician Kate Davies blamed the big fall mainly on the closure of a giant oil field in the North Sea for maintenance. The fall was “largely down to the total shutdown of the major Buzzard oil field,” she said.

GBPUSD trades at around 1.26 a dash weaker than yesterday.


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