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Monthly industrial orders balance improved heavily during the month of November, coming in better than what markets had initially anticipated. This was the healthiest since the Brexit vote on June 23 as near-term outlook for the economy improved as well, despite uncertainties hovering around the Trump administration.
U.K.’s industrial orders balance improved to -3 in November, its highest level since June, and up sharply from -17 in October. Economists polled by Reuters had expected a more modest improvement to -9, data released by the Confederation of British Industry (CBI) showed Tuesday.
Further, the CBI's reading of export orders fell to -11 from -6, but expectations for output in the next three months jumped to +24 from +13 in October. Also, it noted that manufacturers intend to raise prices at the fastest pace in almost three years, reflecting the sharp fall in the value of the pound since voters decided to leave the European Union in June, Reuters reported.
The industrial orders survey is conducted every month and was carried out on 430 manufacturers between October 26 and November 11.
Meanwhile, GBP/USD is trading 0.36 percent lower at 1.24, while at 12:00GMT, the FxWirePro's Hourly GBP Strength Index remained neutral at 64.34 (lower than the 75 benchmark for bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
