UK: CBI manufacturing orders came in at -5 vs. -10 expected - BBH

Research Team at BBH, notes that the UK CBI reported manufacturing orders for August and the total orders came in at -5 vs. -10 expected, while export orders rose to a 2-year high of -6. 

Key Quotes

“CBI noted that the readings are a “tentative sign that sterling’s depreciation is starting to filter through.”  So far, the UK data since the Brexit vote have come in fairly strong.  The first print for UK Q2 GDP will be reported Friday. 

Of course, Q2 is old news but it will be important to see what sort of momentum the UK economy had going into the Brexit vote.  Still, the lack of significant economic impact so far suggests that the BOE will take a wait and see approach at its September 15 meeting.”