Activity in the construction sector has accelerated in June according to Markit. The purchasing managers’ index rose to 58.1 points, beating expectations.
This lifted cable from the lows: GBP/USDÂ has retaken the 1.56 level.
Markit’s construction PMI was expected to advance to 56.6 points in June after 55.9 in May. Construction has led the recovery at times.
GBP/USD traded around 1.5580 towards the release, clearly off the highs.
Yesterday, the UK’s manufacturing PMI fell short of expectations by sliding to 51.4 points, below 52.6 expected and 51.9 in May.
The most important PMI comes from the largest sector: services. That will be published tomorrow.
The US dollar has enjoyed some strength in recent days, thanks to positive data and ahead of the Non-Farm Payrolls. See how to trade the NFP with EUR/USD.
