British manufacturers’ total order book strengthened slightly in June, the Industrial Trends survey from the Confederation of British Industry showed Tuesday.
The total order balance rose unexpectedly to -2 in June from -8 in May. It was forecast to fall to -10.
At the same time, total export order books remained unchanged at -14 percent, suggesting that the weakness in sterling has yet to have a material impact on overseas demand.
“It may be that the growing uncertainty in the run-up to the EU referendum, combined with global risks elsewhere, has offset some of the benefits of a weaker currency at this time,” Rain Newton-Smith, CBI chief economist, said.
The recent depreciation of trade-weighted sterling and a pick-up in global growth should improve the sector’s external prospects later in the year, Scott Bowman at Capital Economics, said.
The material has been provided by InstaForex Company – www.instaforex.com