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Key Resistance Is At 1.2203


Still Range-Bound


Decent Action on Narrow Range Ahead Wed's FOMC


Corrective Cycle Still In Play

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UK output rose by 2.3% between March and April, a shade below expectations, powered by a higher-than-forecast 3.4% jump in services as non-essential shops, outdoor dining and personal services reopened on 12 April, the Office for National Statistics said. Services accounted for 2.87 percentage points of total growth, led by a 8.9% surge in wholesale and retail trading, the biggest rise since June of 2020.

Production fell by 1.3%, confounding forecasts of a 1.2% increase, dampened by a 15% fall in mining and quarrying as oil and gas fields closed for routine maintenance. Manufacturing declined by 0.3%, with transport equipment particularly weak, partially due to a shortage of semiconductors in the automobile industry. Construction output declined by 2.0%, compared defying forecasts of a 1.0% rise.

Output now stands 3.7% below its pre-pandemic level, but has increased by 1.2% above its initial peak hit last October.