The UK construction PMI stands at 62.6 points in February, below expectations. It is important to note that the figure still reflects very strong growth. Markit’s purchasing managers’ index for the construction sector in the UK was expected to slide from the high of 64.6 points to 63.6 this time. The housing sector certainly stood out in the recent recovery.
Before the publication, GBP/USD recovered and flirted with the 1.67 line once again. After the small miss, it is backing away from this round number. All in all, cable is trading within a wide range of 1.6620 to 1.6770.
This is how recent moves look on the graph. There is certainly action in pound/dollar
Yesterday, the manufacturing PMI came out within expectations at 56.9 points. The services sector PMI is scheduled for tomorrow, and is set to rock the pound, as this is the biggest sector.
For more, see the GBP to USD forecast.
The Bank of England also convenes for its monthly rate decision, but no change is expected. The PMIs carry more weight this week.
