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The good news from the UK continue as CBI number best in a year

GBPUSD News by Allie Longford on 07:30 Octuber 27, 2016 EST
After a surprisingly better than expected GDP for the last quarter announced just this morning by the ONS it is now time for the latest CBI retail sales survey to shine.

According to the CBI ta net balance of 21% of companies reported an increase in sales volumes for October in contrast with an 8% contraction the previous month. This is the best mark in more than a year.

42% wholesalers reported higher sales than last year, the highest figure since July 2015.

Suppliers placed three per cent fewer orders compared with the year-ago period though.

In the automotive sector however only 1% that sales volumes had increased from the previous year, the lowest figure since December 2013.

After both GDP and the CGI survey providing some positive surprises the pound still trades quite weak. It burst above 1.2250 but the reaction is fairly limited.