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UK Construction PMI at the highest level since February

Friday, Oct 02 2015
At 59.9 in September, up from 57.3 in August, the headline seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index signalled a sharp and accelerated expansion of overall business activity. Moreover, the latest reading was well above the long-run survey average (54.7) and pointed to the fastest increase in output levels since February. Smaller incline to 57.5 was expected.
 
September data pointed to a further rebound in output growth across the UK construction sector, supported by faster rates of expansion in all three categories of activity monitored by the survey. Greater workloads and positive sentiment regarding the business outlook contributed to a sharp increase in staffing levels during September.
 
However, new business growth continued to ease from June’s recent peak, with the latest upturn in new work the weakest for five months. Meanwhile, construction companies indicated the least marked lengthening of suppliers’ delivery times since November 2010, which provided further evidence that supply chain pressures have subsided in recent months. 
 
Sterling is currently being traded around 1.5150 area. Pair is likely to find support around 1.50 handle and resistance above 1.52 level. Later today, in the US session, NFP figures are scheduled for a release.
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