UK Construction Sector recovering

Jarratt Davis

Special Consultant to the FPA
Sentiment update for the New York trading session, 2nd May 2018

During today's London session, the main event was UK Construction PMI for April.

Construction PMI was positive, printing at 52.5 versus market consensus of 50.5 and last month's 47.0.

With Construction PMI once again above 50, the report suggests the UK's Construction sector is moving back into expansionary territory.

Consequently, GBP has remained well supported throughout today's London session with GBPUSD once again trading firmly above the 1.36 handle.

Elsewhere, USD has remained pressured across the board due to profit taking ahead of today's highly anticipated FOMC monetary policy decision.
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