UK: CBI Manufacturing Order Book Balance falls to -7 in August

• UK CBI Manufacturing Order Book Balance fell below 0 for the first time in over a year. 
• GBP/USD continues to fluctuate in a tight range above 1.1750.

Results from the latest survey released on Tuesday by the Confederation of British Industry (CBI) of trends in British manufacturing showed that the Manufacturing Order Book Balance dropped to -7 in August from +8 in July. This reading missed Reuters' estimate of +3 and it was the first negative reading since April 2021.

Further detail of the publication revealed that the Manufacturing Export Orders Balance remained unchanged at -12 and the Price Balance for the next three months climbed to +57 from +48.

Market reaction

This report doesn't seem to be having a significant impact on the British pound's performance against the dollar. As of writing, GBP/USD was unchanged on the day at 1.1765.