Investing.com – U.K. industrial order expectations improved significantly more-than-expected in March, rising to the highest level since March 2008, industry data showed on Tuesday.
In a report, the Confederation of British Industry said its index of industrial order expectations improved to 5.0 in March, compared to reading of -8.0 in February.
Analysts had expected the index to post a reading of -6.0 in March.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
According to the report, price pressures remained intense. Firms continued to predict a rapid rise in output prices over the next three months, with expectations close to their last peak in July 2008, reflecting strong cost rises in oil and other commodity prices.
Commenting on the report, CBI Chief Economic Adviser Ian McCafferty said, “The manufacturing recovery is picking up pace, with firms predicting robust output growth over the next quarter.”
“However inflationary pressures in the manufacturing sector remain very acute, as firms look to pass on sharply increased raw material costs,” Mr. McCafferty added.
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.55% to hit a 14-month high of 1.6398.
Meanwhile, European stock markets were mixed. The FTSE 100 shed 0.1%, the EURO STOXX 50 gained 0.35%, France’s CAC 40 added 0.25%, while Germany's DAX fell 0.25%.
In a report, the Confederation of British Industry said its index of industrial order expectations improved to 5.0 in March, compared to reading of -8.0 in February.
Analysts had expected the index to post a reading of -6.0 in March.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
According to the report, price pressures remained intense. Firms continued to predict a rapid rise in output prices over the next three months, with expectations close to their last peak in July 2008, reflecting strong cost rises in oil and other commodity prices.
Commenting on the report, CBI Chief Economic Adviser Ian McCafferty said, “The manufacturing recovery is picking up pace, with firms predicting robust output growth over the next quarter.”
“However inflationary pressures in the manufacturing sector remain very acute, as firms look to pass on sharply increased raw material costs,” Mr. McCafferty added.
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.55% to hit a 14-month high of 1.6398.
Meanwhile, European stock markets were mixed. The FTSE 100 shed 0.1%, the EURO STOXX 50 gained 0.35%, France’s CAC 40 added 0.25%, while Germany's DAX fell 0.25%.