Release Explanation: The release tries to gauge manager’s expectations from the manufacturing industry by comparing actual sales with sales from last year.
Trade Desk Thoughts: The UK CBI release shows the manufacturing sector is struggling as the value of new orders drop. The release number came in at -38, slightly higher than analysts’ expectations of -41. The CBI industrial trends survey shows that due to weak demand, inventories have reached the highest level since 2001, while output expectations fell to the lowest level since 1980.
Forex Technical Reaction: The pound fell 25 pips after the CBI industrial report. Earlier today, the pair was trading side-ways, but managed to rise 100 pips after the BoE minutes report, despite the initial lower reaction.