Forex Pros – U.K. industrial order expectations improved more-than-expected in February, industry data showed on Thursday.
In a report, the Confederation of British Industry said its index of industrial order expectations improved to -8.0 in February, compared to reading of -16.0 in January.
Analysts had expected the index to post a reading of -9.0 in February.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Commenting on the report, CBI Chief Economic Adviser Ian McCafferty said, “The outlook for UK manufacturing output growth is very encouraging. Firms predict further acceleration in production growth over the next quarter, supported particularly by a strengthening in export order books.”
“However, there is still worrying evidence of strong inflationary pressures in the pipeline, with manufacturers once again expecting to raise prices sharply in the coming quarter.”, Mr. McCafferty added.
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.23% to hit 1.6133.
Meanwhile, European stock markets were modestly lower. The FTSE 100 dipped 0.07%, the EURO STOXX 50 slid 0.05%, France’s CAC 40 shed 0.16%, while Germany’s DAX eased down 0.06%.
ForexPros.com
