Adjusted for seasonal influences, the Markit/CIPS UK Construction Purchasing Managers’ Index registered 52.3 in September, up from 49.2 in August and above the 50.0 no-change value for the first time in four months. The latest reading was well above July’s seven-year low and indicated the fastest rise in construction output since March. The pace of expansion was nonetheless still softer than the long-run survey average (54.6).
A solid rebound in residential activity was the key factor boosting overall construction output during September. Moreover, the latest increase in housing activity was the strongest recorded since January. A number of firms cited resilient demand for residential building work and generally improving market conditions.
Sterling is currently being traded around 1.2760 level. Pair is likely to find support around 1.27 handle and resistance above 1.28 area.
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