Pound drops on industrial data

<p>Surprising industrial data has affected the pound.</p>

The pound is down against both the euro and the dollar today (October 9th) on the back of new industrial data released by the Office for National Statistics.

It was revealed by the body that there was a surprise 1.1 per cent fall in output in August, with analysts having predicted there would be a 0.4 per cent increase when the figures came out.

The pound dropped by 0.7 per cent against the US dollar, while it lost 0.3 per cent of its value against the euro after the data was released, reports BBC News.

Sterling stood at $1.5979 and 1.1815 euros midway through the afternoon session after the official body announced the fall in industrial output during August.

The FTSE 100 was also hit by the surprise drop in output, with the index down by more than one per cent despite being supported by strong gains from bakery chain Greggs, which was up by 2.7 per cent after its latest trading update was released.

Today's trading has seen the FTSE 100 slip throughout the session, with the index having been around 19.46 points lower at 6,346.37 earlier.

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