UK CBI sales sharply down in November


The CBI sales index declined to just 7 points, down from 19 points in October and sharply below the market consensus of +25 pts.

The reading is the lowest since February and the new orders component was in the negative territory for the first time since April.

In September the index was at +49 pts. so a 2-month decline is mindbending indeed.
Even though the report is not as relevant as the retail sales data, it comes early and is obviously pretty bearish for the GBP.