Economy

Ghost Dog

(16,881 posts)

26. GBP/USD drops on weak UK construction PMI

Thu Feb 2, 2012, 06:49 AM

Feb 2012

FXstreet.com (Barcelona) - The GBP/USD has been dropping since London opening after being capped at 1.5850 in the Asian session. UK Construction PMI is pressuring the downside further.

Analysts expecting data to drop from 53.2 to 52.7 in January, but the release says it’s down to 51.4.

/... http://www.fxstreet.com/news/forex-news/article.aspx?storyid=afcd5d15-41d7-4769-91e8-9a0566e4bf00

... The Markit/CIPS purchasing managers' index for the construction sector in the month of January retreated to 51.4 points from 53.2 the month before. The consensus estimate was for a reading of 52.7.

While production levels fell in two out of three sub-sectors (housing and civil engineering) and growth in new business eased to its weakest in the current four-month period of increase, construction sector companies are optimistic regarding the future.

Thus, purchasing managers' hopes for production in the coming year reached their second strongest level in the survey's history, rising back up to their May 2011 highs. Part of that now greater confidence was attributed to a slower rate of increases in input costs, although they again rose markedly.

/... http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=19852081

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