We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • The $USD may rise against the Norwegian Krone and Swedish Krona in the week ahead as panic about the #coronavirus inflames demand for anti-risk FX at the expense of cycle-sensitive assets. Get your market update from @ZabelinDimitri here:https://t.co/9Dqik0Xj2u https://t.co/VDjAH1PdA7
  • The Canadian Dollar may be at risk as crude #oil prices appeared to resume the steep decline from January. The #Yen soared as #coronavirus woes plunged stock markets across the globe $USDCAD #CAD #CrudeOil - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/02/24/Crude-Oil-Slips-As-Markets-Fret-Virus-Spread-Chance-of-Production-Cuts.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5wDZt7f0io
  • RT @TruthGundlach: The extra yield for downgrading from BBB corporates to BB corporates got insanely narrow in December. The spread has wid…
  • CDS spreads on South Korean sovereign bonds up 4.65 basis points from #coronavirus fear pandemic
  • $USD Forecast: US Dollar Drops on Fed Cuts, Consumer Confidence Eyed Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/02/24/usd-forecast-us-dollar-drops-on-fed-cuts-consumer-confidence-eyed.html #Forex #FX #Trading #FOMC #DXY https://t.co/Cv7j8FHN2n
  • Nikkei Futures down over 4% following the brutal US session
  • RT @ZabelinDimitri: Feb 24: - Trump meets with Modi - German🇩🇪 IFO business confidence - New Zealand🇳🇿 retail sales - China🇨🇳 may announc…
  • The $JPY has lost out to a broadly resurgent US Dollar, with a clearly dwindling band of Yen bulls left to hope that the most recent rise has become overextended. Get your market update from @DavidCottleFX here:https://t.co/7Ndm5jiOi7 https://t.co/ikXioYKa1S
  • The markets have not been this dovish on the #Fed since October with 2 rate cuts by the end of this year full priced in with odds of a 3rd on the rise (blue line is the implied hikes/cuts via Fed funds futures for 2020). #SPX is down over 4.8% from peaks seen last week https://t.co/is6Wbl6XIz
  • #Coronavirus update on 2 U.S. companies just crossed the wires: United Airlines (-0.62% afterhours): - Withdraws 2020 forecast with 100% decline in near-term demand to China Mastercard (-2.94% afterhours): - Sees lower revenue growth in the first quarter
Pound Surges Higher As UK Construction Returns to Growth

Pound Surges Higher As UK Construction Returns to Growth

2011-02-02 10:14:00
Jonathan Granby,

A report this morning by the Chartered Institute of Purchasing and Supply (CIPS) along with Markit Economics showed that UK construction expanded in January as the weather improved. The gauge of building activity rose to 53.7 from 49.1 in December, a measure below 50 indicates contraction, and beating forecasts of 49.5. The reading was the highest since September 2010 and confirms the 10th out of the last 11 as expansionary. Markit/CIPS commented that it was not only an improvement in the weather conditions that allowed the gauge to climb but also gains in new business.

UK_construction_PMI_body_gbp.png, Pound Surges Higher As UK Construction Returns to Growth

The pound extended its gains against the dollar on the back of the release advancing as much as 0.4%. The pound has now put some distance between itself and the psychologically important 1.6000 level ahead of the PMI services release tomorrow. Services PMI is far more important a gauge for growth prospects and policy implications than today’s PMI construction or yesterday’s PMI manufacturing which combined account for 25% of UK economy, while services accounts for the other 75%. The services reading tomorrow is forecast to come in at 51.3, after slipping into contraction territory in December too. An as expected or stronger than expected reading will likely push the pound higher, with bulls probably already eying November 2010 peaks around 1.6300.

Written by Jonathan Granby, DailyFX Research Team

IF you wish to contact the author with comments or questions email instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.