18 September 2003, 14:10  Sterling dips after industrial orders survey

LONDON, Sept 18 - Sterling dipped on Thursday after the Confederation of British Industry said its industrial orders survey showed a worsening balance of minus 33 in September, from minus 24 in August. Sterling weakened to $1.6126 from $1.6144 before the data and from one-month highs of $1.6155 hit earlier. The euro ticked up to 69.84 pence from 69.75 before the data and nine-day lows of 69.68 hit earlier. The forecast was for an improvement in the survey to minus 20. The output expectations index was steady at minus three. Sterling has been on an upward path since Wednesday, when minutes of the Bank of England's latest monetary meeting fuelled talk of a rise in UK interest rates.

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