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U.K. Construction PMI at 60.1

Tuesday, Mar 03 2015
U.K. Construction PMI registered 60.1 in February, up from 59.1 in January and above the neutral 50.0 threshold for the twenty-second successive month. Analysts were expecting no change. The latest reading picked up further from December’s recent low and signalled a sharp expansion of construction output that was the fastest since October 2014. Residential, commercial and civil engineering activity all increased at the steeper rates in February. 
 
Higher levels of activity were seen in all three sub-categories of construction work, with residential activity again seeing the steepest rate of growth. Strong demand for construction materials, alongside ongoing shortages of stock at suppliers, contributed a steep and accelerated rise in input prices. Moreover, rates charged by sub-contractors increased at the most marked pace since the survey began in April 1997. 
 
Data did not have any major impact on the markets.  Sterling is currently being traded around 1.5370 area. Pair is likely to find support around 1.5350 and resistance above 1.54 level. There will be no major data releases later in the session.
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