GBP/USD performance is being restricted by? - Scotiabank

Analysts at Scotiabank explained that GBP/USD is virtually flat against the USD, which counts as a significant underperformance in what is a weak USD environment this morning. 

Key Quotes:

"UK data reflected as expected industrial production for Nov (+0.4% m/m), better manufacturing output (+0.4% m/m) and softer than expected construction (+0.4% m/m)."

"However, upward revisions to prior data are encouraging for the GDP outlook. Trade data revealed a wider than expected deficit (GBP12.2bn)."

"The GBP’s performance is being restrained by ongoing worries about consumer demand and underlying worries about the UK political situation as PM May tries to steer her government through Brexit."