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Forex: Sterling likes latest production data

The reaction seen on sterling to the stronger industrial production data suggests some very thin underlying liquidity, given the rise of 0.9% on the headline measure (expected 0.3%). Cable up over 50 pips to above 1.67 on the back of this. At the margins, the data gives some confidence that the pace of the recovery can be sustained at least in the early part of this year, but this is only just over 10% of the economy in terms of output, which is why sterling gains look a little overdone.

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