Another New Euro Low For Sterling After CBI Data

According to the latest survey by the Confederation of British Industry, UK manufacturers' expectations of factory output remain weakest since 1980, data released today says.

Order books have improved slightly from the five year low posted in October, the orders balance has improved to -35% in December from -38% in November. Export orders have posted a -33% balance, only October’s -37% balance was worse.

Output expectations remain very low , with -42% of the firms expecting their output to improve over the next months.

The pound posted another fresh all-time low against the euro shortly after the release of the data hitting 1.1323, one euro is now worth 88.35 pence, at the start of the year it was 73.35 pence.