No surprises in the UK construction PMI: it came out at 58.8, as expected. This remains the strongest sector. For the pound, the focus moves to the services PMI tomorrow.
GBP/USD is stable at around 1.5410. The range for cable is 1.5370 to 1.55, with 1.56 and 1.52 serving as the wider levels.
Markit was expected to report a slide in the construction purchasing managers’ index from 59.9 points in September to 58.8 in October.
GBP/USD traded lower, at 1.5410 towards the release. This is related to general USD strength rather than pre-release positioning.
Yesterday manufacturing PMI came out better than expected and certainly supported the pound. Later this week we have the last and third PMI from the services sector and then “Super Thursday from the BOE.
The BOE publishes its rate decision, meeting minutes and the quarterly inflation report all in one day.
More: GBPJPY Hesitates But Remains Weak Below The 186.30 Level
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