Another day, another disappointing UK PMI: the once extremely strong construction sector is seeing less growth with 57.6 points. While a score of 57.6 still reflects strong growth and perhaps a cool down is needed in this sector, the context is not promising: it does not come with a strengthening of other sectors, so it’s just everything falling.
GBP/USD is pressured towards 1.53.
The UK Construction PMI was expected to slip down from 59.4 to 59.2 points. This sector led the recovery but could be dragged down by the other sectors.
GBP/USD traded around 1.5310 towards the publication.
On Friday, a weaker than expected manufacturing PMI hurt the pound and sent it lower, especially against the super strong dollar.
The US dollar started 2015 with a blast. More: Despite Its Sharp Rally, The USD Is Still Cheap – Standard Chartered
