UK September CBI order book balance -48, better than expected

UK September CBI order book balance has come in at -48 from -54 in August and better than the median forecast of -50. Highesr read since since January.

Output expectations balance has come in at -2 from -5, the highest read since June 2008. Prices balance -4 from -10.

Ian McCafferty, chief econmic advisor at the CBI said “The end of the dramatic destocking that characterised the first half of the year has allowed manufacturing output to stabilise, but order books remain depressed and the outlook uncertain.”

Cable sits at 1.6545, steady post release.