The Confederation of British Industry (CBI) released its industrial order books balance on Tuesday. The CBI industrial order books balance dropped to -7% in June from -5% in May, missing expectations for a rise to +1%.

The decline was driven by lower exports. The export order book balance fell to -17% in June from -7% in May.

The balance for output volumes for the next three months rose to +16% in June from +15% in May.

"Output and overall orders are still doing better than average but hopes that export demand would start to drive forward have not yet been fulfilled. Improving momentum in the Eurozone is being offset by the effect of the strengthening pound on UK manufacturers' overseas sales and margins. On top of that, the ongoing Greek saga is causing uncertainty," the CBI director of economics Rain Newton-Smith said.