Sterling Tumbles on Production Data, Kiwi Firm ahead of RBNZ

10 March 2010 @ 06:02 pm EDT

Sterling weakens broadly today on poor production data from UK. Industrial production dropped -0.4% mom, -1.5% yoy in January while manufacturing production dropped -0.9% mom and rose 0.2% yoy. Investors remain concerned with the momentum of recovery, fiscal deficit as well as political uncertainty in UK. BoE MPC member Adam Posen said that he hoped the bank is done with quantitative easing, but the comment offered little support to Sterling.

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