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Sterling slips after UK industrial output, construction unexpectedly fall
Imaduddin
09 Jan, 2015
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Copyright Reuters, 2015
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![](https://i.brecorder.com/images/2015/01/sterling-pound-jan.jpg">LONDON: Sterling pared early gains against the dollar on Friday after data showed British industrial production and construction unexpectedly contracted in November, bolstering the view that economic growth is moderating.</P><P>Industrial output fell by 0.1 percent on the month in November, extending October's decline. A Reuters poll had forecast a 0.2 percent rise, month-on-month, and a 1.6 percent rise annually.</P><P>Construction output dropped by 2 percent on the month. Friday's data added to signs that Britain's economic recovery may be losing steam. That view has already prompted investors to push back expectations of when the Bank of England (BoE) will start to raise interest rates to next year.</P><P>Six months ago, many expected a move before the end of 2014.</P><P>Sterling slipped to $1.5125 from around $1.5145 before the two sets of data, still up 0.2 percent on the day. The pound hit a 18-month low of $1.5034 on Thursday and was on track for its fourth straight week of losses against the dollar.</P><P>The euro was down 0.1 percent at 78.10 pence, having traded at 77.99 pence before the data was released.</P><P>)
