The growth in Britain’s construction sector is accelerating once again according to the latest PMI: 60.1 points, better than markets had expected. This beat follows the better than expected number for the manufacturing sector.
GBP/USD is moving up on the news, trading above 1.5370. The pound is also gaining against the euro with EUR/GBP down to 0.7272.
Markit was expected to report a purchasing managers’ index (PMI) worth 59 points for February, very close to 59.1 points seen in January.
GBP/USD traded on relatively low ground around 1.5360, mostly due to the dollar’s strength.
This publication comes ahead of a speech due by BOE governor Mark Carney. His testimony focuses on currencies, but from a regulatory perspective: the currency probe. Nevertheless, he may still release some monetary policy related comments.
Yesterday, the manufacturing PMI beat expectations by rising to 54.1 points. Manufacturing has been behind the construction sector has been ahead in the recent recovery.
Tomorrow we get the services PMI – this is the UK’s largest sector.
For more about the pound, see the GBPUSD forecast.
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