The purchasing managers’ index for the construction sector scored 50.9 points. Early expectations stood on no change at 48.2 points. The 50 point mark separates contraction and growth, so this positive surprise is certainly good news.
GBP/USD reacts with a small rise within the low range it was trading in, and is now heading towards 1.5550.
Last month, the figure disappointed and fell sharply from 54.4 to 48.2 points, falling short of expectations for a score of 53.1 points.
Yesterday, manufacturing PMI plunged deeper into contraction zone and hurt the pound.
The most important PMI is published tomorrow: the services PMI. Services are 77% of the British economy. Later today, the Bank of England is likely to leave policy unchanged and leave the scene to the Olympic Games and to the all-important Euro-zone rate decision.
The ECB’s Mario Draghi is expected to deliver on his promises to “save the euro”. See more in the ECB Preview.
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