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U.K. manufacturing sector sentiment remains positive in August

The CBI Industrial Trends survey showed that confidence in the U.K. manufacturing sector continued to be positive in August, with the output index dropping slightly from its record reading of 31 percent in July to 30 percent.

Manufacturers showed another solid rise in demand as the index for total orders indicated an eighth consecutive rise and reached 13 percent, which is the joint second-highest level since 1988. But while surveys have implied that the subdued exchange rate and more rapid growth in major overseas markets are underpinning manufacturing output, hard data from the ONS has so far indicated no corresponding rise in manufacturing output growth, noted Daiwa Capital Markets Research in a research report.

Manufacturing output in the first half of 2017 failed to record a single monthly rise, and the average rate of rise in the past three months compared to a year ago was the lowest level since April 2016.

“So, while we might see manufacturing output starting to creep up over the coming months, surveys appear to be overestimating manufacturing sector momentum”, added Daiwa Capital Markets Research.

At 21:00 GMT the FxWirePro's Hourly Strength Index of British Pound was bullish at 88.9839, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 23.5697. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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