Pound Drops Below USD1.70 on Poor Manufacturing Data
The British pound declined to a new multi-day low below $1.70 against the US dollar Tusday afternoon.
Falling demand and a sharp decline in production of manufactured goods has resulted in the sharpest single quarter fall in manufacturing confidence for 28 years, the latest quarterly industrial trends survey by the Confederation of British Industry's, or CBI, said.
The balance of manufacturers reporting a rise in new orders and those saying a decline stood at minus 30. This signaled the fastest quarterly fall in total new orders since January 1999. The survey found 16% of manufacturers said an increase in new orders, while 46% responded they had fallen.
The Pound dropped to an 8-day low of 1.6964 against the US dollar.
Falling demand and a sharp decline in production of manufactured goods has resulted in the sharpest single quarter fall in manufacturing confidence for 28 years, the latest quarterly industrial trends survey by the Confederation of British Industry's, or CBI, said.
The balance of manufacturers reporting a rise in new orders and those saying a decline stood at minus 30. This signaled the fastest quarterly fall in total new orders since January 1999. The survey found 16% of manufacturers said an increase in new orders, while 46% responded they had fallen.
The Pound dropped to an 8-day low of 1.6964 against the US dollar.
