UK: Factory orders improved to -26 in November vs. -31 expected - CBI

According to the latest survey released on Tuesday by the Confederation of British Industry (CBI) of trends in British manufacturing, manufacturing output volumes in the quarter to November continued to fall but November's factory orders were higher than expected.

"13% of manufacturers reported total order books to be above normal, and 40% said they were below normal, giving a rounded balance of -26% (up from -37% in October)," the publication read and the -26% came in better than the market expectation of -31%. "This remains well below the long-run average (-13%)."

Commenting on the data, “While the thick fog of uncertainty from a No Deal Brexit has lifted somewhat, the manufacturing sector remains under pressure from weak global trade and a subdued domestic economy," said Anna Leach, CBI Deputy Chief Economist.

The British pound failed to capitalize on the data and the GBP/USD pair was last seen trading at 1.2930, losing 0.18% on a daily basis.