The sterling has posted gains against the US dollar in the mid-week. At present, the sterling-to-US dollar exchange rate stands at $1.3183. The UK posted sluggish reports today. According to the released data, industrial production rose by 0.2% m-o-m in August (0.4% upturn in July). The processing sector recorded a 0.2% decline, while the previous forecasts covered a 0.1% upturn. Construction sector plunged by 0.7% m-o-m against the anticipated weakening by 0.4% m-o-m.
Meanwhile, industrial production posted positive results year-on-year – the figures added 1.3% over the period under review, with similar results recorded in the processing industry.
The UK GDP hardly changed in August, though it was expected that the rate would gain 0.1% m-o-m.
According to the recent reports, the Labour Party, in particular, 30-40 members, can vote for the Brexit deal, which could lend good support to UK's Prime minister Theresa May. Specifically, Theresa May has reportedly managed to win the backing of 315 MPs. However, some from this list can stand against the deal due to intraparty clashes (this is about the officials that are in May's party but disagree with her Brexit plan). Nevertheless, the main deal breaker for Theresa May is said to be internal political conflicts rather than the stance of EU negotiators.