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UK construction PMI misses with 51.2

A small miss on  Markit’s construction PMI, with 51.2 points, reflecting minimal growth. This is still above the manufacturing sector, but nothing to write home about.

GBP/USD is bouncing just a bit  on a seemingly “buy the rumor, sell the fact” reaction: the pair dropped ahead of the publication.

The UK’s construction PMI was expected to stand on 52 points in May, for the second month in a row. The construction sector led the UK recovery that has sometimes been described as “unbalanced”. However, this indicator has also dropped alongside other PMIs and eventually fell behind the services PMI.

GBP/USD traded around 1.14430 ahead of the publication, off the lows it fell to in recent days after some polls showed momentum for the Brexit campaign  but we did see cable front-run the publication with a small slide.

The construction purchasing managers’ index is the second out of three. Yesterday the manufacturing PMI returned to growth. Tomorrow we get the services PMI

Here is the chart:

GBPUSD June 2 2016 technical 30 minute chart


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.