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CBI Industrial Orders Expectations continue to fall

Monday, Jul 25 2016

There are no major data releases from the UK today. CBI published monthly figures for July, which showed that output growth improved slightly (+16%, the highest since February (+17%)). Total order books were broadly the same as in June (-4%, from -2% in June) but export order books deteriorated (-22%, from -14% in June).

Traders said the bounce in sterling was likely to meet selling at higher levels with markets pricing in chances of at least two rate cuts in the next six months. “We believe that the softness in the UK economy is likely to be reflected by official post-referendum data as well over the coming weeks, something that could heighten speculation of a potential UK recession being on the horizon,” said a senior analyst at IronFX Global.

 

Sterling is currently being traded around 1.3140 level. Pair is likely to find support around 1.31 handle and resistance above 1.3170 area.

More in this category: « German Business Confidence down to 108.3 German Factory Orders up by 3.6% »

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