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UK Construction PMI remains at the lowest level since June 2013

Monday, Apr 04 2016
UK construction companies indicated a sustained upturn in overall business activity during March, but the pace of expansion remained relatively subdued in comparison to the trends seen for much of the past three years. This largely reflected a further moderation in new business growth, with the latest increase the weakest since April 2015. Meanwhile, job creation also softened across the construction sector in March and sub-contractor usage dropped for the second month running.
At 54.2 in March, the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index posted above the neutral 50.0 value for the thirty-fifth month running, in line with market forecasts. However, the latest reading was unchanged since February and indicated the joint-slowest rate of output growth since June 2013. Sub-sector data highlighted that faster rises in commercial work and civil engineering activity were offset by another slowdown in residential building. The latest increase in housing activity was only marginal and the weakest recorded since January 2013.
 
Sterling is currently being traded few points above 1.4210 level. Pair is likely to find support around 1.4150 handle and resistance above 1.4280 level. There will be no major data releases later today.
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