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CBI Industrial Orders Expectations showed balance of +4%

Thursday, Jan 22 2015
CBI Industrial Orders Expectations data for January showed that total order books among manufacturers remained strong (balance of +4%) while export order books weakened (-20%). However, analysts were forecasting a balance of +6%.
 
Rain Newton-Smith, CBI Director of Economics, said:“British manufacturers are still heading along the right path: new orders are up, bolstered by domestic demand and more people are getting work in factories across the UK. “Exports have grown modestly, but there is a feeling that we will not see a repeat in the next quarter, especially with the Eurozone still treading water and battling deflation.
 
“Falling oil prices should be positive for the UK economy overall, benefitting households and lowering costs for firms, although North Sea oil producers are being hit. With overall cost pressures contained as a result, it’s no surprise to see average domestic prices in the manufacturing sector falling at the fastest rate for five years.”
 
After the data Sterling edged down slightly and is currently being traded few points above 1.5160 level. Pair is likely to find support around 1.5050 area and resistance above 1.5250 level. Later today, in the US session Unemployment Claims figures are scheduled for a release.
More in this category: « Public Sector Net Borrowing at £12.5 billion ECB left interest rates unchanged »

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