CBI industrial orderd keeps dropping in U.K.

Wednesday, 23 May 2012 03:22

According to the Confederation of British Industry the index of industrial ordered expectations fall more-than-expected, a 9 total points, reaching to minus 17 in May. Concerns over the health of the U.K.’s economy are growing high, since the downtrend continues from February. Analyst were expecting a 2 point drop only in the month of May. CBI Economic Advisor Ian Mcafferty says : “Domestic demand for manufacturers’ goods has eased this month, leading to an expectation among firms that growth in production will slow sharply over the coming quarter.”

Following the release of that data, the pound held on losses against the U.S. dollar, with GBP/USD shedding 0.23% to trade at 1.5724.