UK Construction PMI fell to 57.1

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Tuesday, Aug 04 2015

Growth in Britain's construction industry slowed unexpectedly in July, hurt by a loss of momentum in housebuilding and civil engineering, according to a survey published on Tuesday that highlighted the economy's reliance on its services sector.

The monthly Markit/CIPS UK construction purchasing managers' index (PMI) fell to 57.1 after hitting a four-month high of 58.1 in June, confounding a Reuters poll estimate for a rise to 58.4. Analysts were anticipating rise to 58.6. The slowdown may have reflected an easing of the surge in confidence among construction firms that followed May's unexpectedly conclusive national election, survey compiler Markit said.

After the data Sterling was pushedlower but immediately rebounded and is currently being traded around 1.56 handle. Pair is likely to find support at 1.5550 level and resistance above 1.5640 area. There will be no major data releases in the rest of the session.

More in this category: « Number of unemployed in Spain down by 74 028 Lockhart said September could be appropriate for liftoff »

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