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U.K. Factory Output Fell to the Lowest in 30 Years
Wednesday, 19 November 2008 10:22:44 GMT  |  DailyFX Research
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The U.K. November CBI manufacturing orders index was largely stable, improving marginally to -38 from -39 in October and better than our survey median estimate for -41. Similarly, the exports index improved to -31 from -32 but output expectations fell to its lowest reading since September 1980. Domestic price expectations dropped to zero from +10 in October, highlighting how rapidly inflationary pressure is now coming down. Overall, continued weak survey data, emphasizing the dire outlook for the manufacturing sector.
Meanwhile, Pound recovered amid U.S. name buying, with the pair quickly retracing its earlier weakness to trade up to 1.5068 highs, while EUR-GBP has been depressed to 0.8386 session lows. M&A related demand is once again mooted and expected to continue on dips until the early part of next week. Also noted in the mix is corporate related demand and central bank commercial interest.

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