FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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Manufacturing activity in the UK is expected to have slowed sharply in May after surging in April. According to a Societe Generale research report, manufacturing output is expected to gain 1.5 percent in month, as compared with the sharp rise of 2.3 percent month-on-month registered in April.
The surveys indicated towards a weaker scenario and there is no reason to expect an elevated level of output to continue, particularly with the increased climate of uncertainty.
Meanwhile, the UK trade deficit is expected to move towards the average. Expansion in the nation’s key trading partners, particularly Europe, has been strengthening lately (prior to the Brexit shock). This is expected to aid the reasonable stability of the UK trade deficit to continue, noted Societe Generale.
“We see the trade in goods and services deficit rising from £3294m to £3900, taking it closer to the middle of the recent range”, added Societe Generale.
