Latest CBI survey on Industrial Orders Expectations showed that 22% of firms reported total order books were above normal, and 22% said they were below normal, giving a balance of 0%, well above the average (-16%), but below expectations on a balance of +9%. Rain Newton-Smith, CBI Director of Economics, said:“Our manufacturers lost some of their steam from last month, but they continue to move steadily along a decent growth track.
"Sluggish export performance seems to be a headache that won’t go away, with a still subdued Eurozone and headwinds from a stronger pound. But measures in the Budget to support exporters should be a welcome boost for the sector’s longer-term prospects.With emerging markets facing a tough time and uncertainty continuing to hang over the Eurozone, firms are having to work even harder for opportunities to sell their products and services around the world.”
Data did not have major impact on the markets with Sterling is currently being traded few points above 1.4910 level. Pair is likely to find support around 1.4850 and resistance above 1.4970 area. Later today, in the US session Existing Home Sales figures are scheduled for a release.
