Nothing is surprising from the UK Construction PMI release. Such data fell within expectations, although konsruksi recorded output rose in October. Respond to this news, Sterling declined limited and test daily lows at 1.5409. Thursday (5/11) will be an important day for GBP traders given the BoE (Bank of England) will release a lot of reports significantly as interest rate decision and the inflation outlook.
UK Construction Sector Still Expanding
UK Construction PMI which was released this afternoon (3/11) indicate a decline in line with expectations to a level of 58.8, lower than the previous month at 59.9. In fact, manufacturing data yesterday showed a surprising reinforcement, to be able to push the position of the pound sterling against other major currencies. Despite the decline, the construction PMI figures were still perched above 50 suggests expansion stability of the UK in this sector.
Markit Economics reported that construction output rose in October for the support of additional employment grew at the fastest rate in the last 12 months. Business activity continued to show growth in all three sub-categories, namely the development in the housing sector, commercial, and public. However, of the three sub-categories, only construction in the commercial sector showed significant growth rate in September. Two other sectors actually shows a slight decline.
Not Too Effect On Sterling
At time of writing, GBP / USD shows a slight weakening after the release of the construction PMI report. However, the ongoing decline in the daily range so that the movement of this pair is still relatively stable response to the decline in construction PMI data. Before the publication of these data, the GBP / USD had hit a daily high at 1.5445. This week, the focus will be centered on the pound sterling "Super Thursday", where the BOE will release its interest rate decision, minutes of meetings, and quarterly inflation report on the same day.
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