Stronger than expected growth in the construction sector according to the forward looking indicator: the UK construction PMI is up to 59.1 points, reflecting quick growth and beating expectations for a drop. This sector led the recovery so far and it stands out. The growth is not widening, at least not yet.
GBP/USD trades at 1.5018, rising from the battleground of 1.5000.
Markit’s purchasing managers’ index was expected to slide from 57.6 to 56.9 points. This is the second out of three PMIs.
GBP/USD was trading around 1.50 towards the publication.
Yesterday, the manufacturing PMI slightly beat expectations. Tomorrow we have the services PMI. Services is clearly the largest sector in Britain.
More: GBP: Pounding Down Rate Hike Expectations – CIBC
