This morning’s UK Construction PMI hit a 9 month low with a reading of 55 compared to forecast of 57.60. New orders grew at the slowest pace in four months as both housebuilding and commercial property projects suffered as global economic uncertainty grows. The Pound shrugged off the results and analysts will be looking more closely to tomorrow’s service sector data which makes up a significant portion of UK GDP. If the headline figure disappoints, the Pound will lose the gains it has made this week against other majors. “Super Thursday” looms large with the Bank of England interest rate meeting as well as the quarterly inflation report on the docket. Growth and inflation forecasts are expected to be downgraded so the Pound could be on a bumpy end to the week.
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Latest FX news by Alastair Sweetman