No big surprises from the British construction sector: the PMI stands at 57.3 points, within expectations. The construction sector was always the leading one in the current economic recovery and at some points it remained unbalanced.
GBP/USD remains under 1.53, but isn’t going anywhere fast.
Markit’s purchasing managers’ index for the construction sector was expected to tick up from 57.1 in July to 57.6 in August, showing a continued strength of this sector.
GBP/USD traded in low ground, battling with the 1.53 level after reaching a new low of 1.5270.
Yesterday’s manufacturing PMI disappointed, but basically came in line with similar misses in other areas of the world, most notably China and the US.
Tomorrow we have the services PMI. Stay tuned for a preview. The Bank of England is set to raise rates as its next policy move, but the timing remains elusive, very elusive.
Here is how the recent moves look on the pound/dollar chart:
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