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CBI Industrial Production showed balance of -5%

Tuesday, Aug 23 2016

CBI Industrial Production survey showed that 19% of businesses reported total orders to be above normal (compared with 18% in July), and 24% said orders were below normal, giving a balance of -5%. “It’s good to see manufacturing output growth coming in stronger than expected, and some signs that the fall in sterling is helping to bolster export orders. But the pound’s weakness is a double-edged sword, as it benefits exporters but also pushes up costs and prices.

“Manufacturers will welcome the new government’s focus on industrial strategy as well as the Chancellor’s recent guarantee over EU funding, which will help to provide certainty for universities and businesses investing in innovation and research and development. The most significant effects of the vote to leave the EU will flow over the medium to long-term. Therefore firms need to see ambitious decisions in the Autumn Statement that will secure the UK’s economic future as changes to trade, regulation and access to skills loom on the horizon.”

 

Sterling is currently being traded around 1.3180 level. Pair is likely to find support around 1.3150 handle and resistance above 1.3230 area.

More in this category: « German Manufacturing PMI decreased to 53.6 New Home Sales at annual rate of 654,000 »

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