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UK Construction PMI at a two-year low

Tuesday, May 05 2015
At 54.2, down from 57.8 in March, the headline seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index dropped for the second month running and was the lowest for almost two years. Analysts were predicting smaller decrease to 57.6. However, the index remained above the 50.0 no-change value and signalled a solid overall pace of expansion.  
 
A key factor weighing on overall construction output growth was weaker new business gains in April. Moreover, new business growth has now slowed in eight of the past ten months. Reports from survey respondents suggested that underlying conditions remained favourable, especially in the house building sector, but some clients had delayed spending decisions ahead of the general election.  
 
After the data, Sterling was pushed sharply down and is currently being traded few points below 1.51 handle. Pair is likely to find support around 1.5050 area and resistance above 1.5150 level. Later today, in the US session, Trade Balance and Non-Manufacturing PMI figures are scheduled for a release.
More in this category: « Spanish unemployment fell by 118, 923 in April US Trade Balance deficit rose to $51.4 billion »

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