- CBI Industrial Trends Survey – Orders fell from -56 to -62 in April.
- GBP / USD continues to trade in negative territory near 1.2220.
Manufacturing output in the UK fell at a record pace in April, as the orders component of the CBI industrial trends survey plunged to an all-time low of -62. This reading followed the March print of -56 and turned out to be worse than market expectations of -59.
Commenting on the survey results, “these are undoubtedly tough times for manufacturers, and the dark numbers make reading difficult,” said Tom Crotty, president of the CBI Manufacturing Council.
In addition, “by continuing to be flexible in providing economic support to businesses, the government can ensure that the manufacturing sector can break out of the lockdown with the least possible permanent damage,” added Anna Leach, deputy chief economist for CBI.
GBP / USD largely ignored this data and was last seen to drop 0.12% on the day to 1.2225.