UK PMI Construction Falls Short Amid Euro Crisis
UK PMI construction data for September came in lower than expected, barely managing to keep in the expansion zone at 50.1. Last month’s data came in at 52.6, and the forecasted number for September was 51.6. The latest figure represents the lowest construction PMI in almost a year, figuring into low industrial numbers throughout Europe this month as the struggling euro-zone searches for a solution to a possible Greek loan default. However, today’s data comes against industrial PMI numbers released yesterday, in which the UK performed better than expected coming in at 51.1 set against a projected 48.5.
The immediate market reaction reflected a lack of confidence with Sterling dropping against the USD. The Pound had been on the back foot ahead of the data as the Greenback increased its strength against most major currencies in a risk averse climate. For a full technical outlook.
Written by David Schutz, DailyFX Research Team.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.