Home UK construction PMI slides to 62.6 points – GBP/USD
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UK construction PMI slides to 62.6 points – GBP/USD

The UK construction PMI stands at 62.6 points in February, below expectations. It is important to note that the figure still reflects very strong growth. Markit’s purchasing managers’ index for the construction sector in the UK was expected to slide from the high of 64.6 points to 63.6 this time. The housing sector certainly stood out in the recent recovery.

Before the publication, GBP/USD recovered and flirted with the 1.67 line once again. After the small miss, it is backing away from this round number. All in all, cable is trading within a wide range of 1.6620 to 1.6770.

This is how recent moves look on the graph. There is certainly action in pound/dollar

GBPUSD technical chart March 4 2014 forex graph for traders

Yesterday, the manufacturing PMI came out within expectations at 56.9 points. The services sector PMI is scheduled for tomorrow, and is set to rock the pound, as this is the biggest sector.

For more, see the GBP to USD forecast.

The Bank of England also convenes for its monthly rate decision, but no change is expected. The PMIs carry more weight this week.

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.