CBI Industrial Trends Survey shows further decline in U.K. manufacturing momentum in March

The CBI Industrial Trends Survey showed a further deterioration in U.K. manufacturing momentum in March. The balance of companies reporting a rise in orders was up 4 percent, the lowest since October. But the CBI emphasized that this continues to be above the long-term average of -14 percent, which reflects the decades-long underperformance of the U.K.’s manufacturing sector relative to its peers, noted Daiwa Capital Market Research.

Also, CBI stated that with the export orders balance holding stable at 10 percent, stronger external demand and weaker sterling had “gifted U.K. manufacturers a stronger first quarter”. While the forward-looking output expectations balance dropped from February’s 16 percent to 13 percent in March, the CBI welcomed this week’s progress on Brexit negotiations related to the transition period, implying that it had increased sentiment among its members.

At 20:00 GMT the FxWirePro's Hourly Strength Index of British Pound was bullish at 76.5808, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -154.457. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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