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GBP/USD: UK Construction PMI

The British Pound weakened against the Greenback 12 base points or 0.09% on the construction PMI report, though the pair was affected more from the US side after the country’s job market data was released.

The UK construction sector almost began the contraction for the first time in five months in January, as Brexit uncertainties cased some dry up in new orders. The Markit/CIPS reported that Britain’s construction PMI declined to 50.2 in January, following a 52.2 gain in the prior month. Firms anticipated business to enhance later this year, though the outlook is likely to depend on how the Brexit negotiations go, with the UK PM Theresa May aiming to reach the deal with the European Union that would exclude new barriers to investment and trade.

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