Pound Gains on Better-Than-Expected UK Construction PMI Data
- UK Construction PMI 64.6 vs. Estimated 61.5 in January
- Spotlight Now on This Week's Bank of England Rate Meeting
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UK Construction PMI gauge rose to 64.6 in January, beating expectations calling for a print of 61.5. The outcome marks the strongest pace of construction-sector expansion since at least 2008. The upbeat release follows a disappointing UK Manufacturing PMI report yesterday.
The British Pound rose against the U.S. Dollar as the data crossed the wires. The move may have reflected speculation that upbeat data signals the Bank of England will move relatively sooner to decrease stimulus. Traders now turn to the Bank of England policy announcement due later this week for further directional cues.
GBP/USD 1-Minute Chart. February 4, 2014
Charted created by David Maycotte using Marketscope 2.0.
-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to firstname.lastname@example.org.
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