UK Construction PMI rose more than expected

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Tuesday, Jan 05 2016

UK construction companies ended 2015 with a robust and accelerated expansion of overall business activity, thereby indicating a rebound from the slowdown recorded in November. The headline seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index registered 57.8 in December, up from a seven-month low of 55.3 in November. Analysts were anticipating smaller incline to 56.1. Higher levels of construction output have been recorded by the survey since May 2013, but the overall rate of expansion remained slightly weaker than seen on average over this period.

Just over half of the survey panel (51%) anticipate a rise in business activity over the course of 2016, while only 7% forecast a reduction. Although this indicated the weakest degree of positive sentiment since February, the index remained well above its post-crisis average. Survey respondents noted that greater client budgets, improving economic conditions and a strong pipeline of new projects had underpinned business confidence in December.

Sterling is currently being traded around 1.47 handle. Pair is likely to find support around 1.4650 handle and resistance above 1.4750 level. There will be no major data releases in the rest of the session.

More in this category: « Spanish and German unemployment down in December Eurozone CPI unchanged at 0.2% »

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