UK: CBI Industrial Trends Survey – Orders at -44% in August vs. -35% expected

• CBI Industrial Trends Survey - Orders came in weaker than expected in August.
• British pound remains on the back foot with the GBP/USD extending its daily slide.

The Total Order Books component of the CBI's Industrial Trends Survey improved slightly from -46% in August to -44% in July. This reading came in worse than the market expectation of -35%. Meanwhile, Selling Prices dropped to -5 from 4 during the same period. 

Market reaction

The British pound continued to weaken against its peers after this data. As of writing, the GBP/USD pair was down 0.35% on a daily basis at 1.3165. Moreover, the EUR/GBP pair was virtually flat on the day at 0.8972.