UK CBI manufacturing order book balance for July has come in at -59, down from -51 in June, and worse than the median forecast of -46. It is the lowest read since January 1992.
However it’s not all bad news. Output expectations balance came in at -14 from previous -17, while the quarterly business situation balance improved to -16 in July from -40 in April, the highest read since October 2007.
Bit of a mixed bag. Cable very marginally firmer post release, up about 10/15 points at 1.6370.
