UK: CBI Industrial Trends Survey - Orders fell to record low of -62 in April
|- CBI Industrial Trends Survey - Orders slumped from -56 to -62 in April.
- GBP/USD continues to trade in the negative territory near 1.2220.
The manufacturing output in the UK declined at a record pace in April with the Orders component of the CBI Industrial Trends Survey plunging to an all-time low of -62. This reading followed March's print of -56 and came in worse than the market expectation of -59.
Commenting on the survey's findings, "these are undoubtedly tough times for manufacturers, and the gloomy figures make for difficult reading," said Tom Crotty, Chair of the CBI Manufacturing Council.
Furthermore, “by continuing to show flexibility in the economic support being given to firms, the government can ensure that the manufacturing sector can exit the lockdown with as little permanent damage possible,” added Anna Leach, CBI Deputy Chief Economist.
Market reaction
The GBP/USD pair largely ignored this data and was last seen down 0.12% on the day at 1.2225.
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