CT: Pound falters in forex trading as orders and output for SMEs drop
The pound has faltered in forex trading this morning following news small and medium-sized enterprises (SMEs) have seen their domestic and overseas orders slide.
This is according to the latest quarterly SME Trends Survey from the Confederation of British Industry (CBI), which revealed today (November 5th) that total new orders fell to a balance of -13 per cent, reflecting declines both at home and abroad.
Output also slipped, with this figure retreating for the second quarter in a row to -9 per cent, but SMEs anticipate this data to improve slightly in the coming three months.
Furthermore, small and medium businesses reported that the number of people employed remained unchanged, but a slight reduction is predicted over the next three months.
Chair of the CBI's SME council Lucy Armstrong said: "The economic climate clearly remains tough, with businesses exposed to subdued conditions both at home and in our major export markets."
At 11:15 GMT today, the pound was lower versus both the dollar and euro, with £1 buying $1.598 and €1.248.
Find out about the pound and forex trading at City Index.
