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UK construction PMI jumps to 58.1 – GBP/USD rises

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/USD  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.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.