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UK Construction PMI at the lowest level since mid-2013

Wednesday, May 04 2016
April data signalled a further loss of momentum across the UK construction sector, with new order volumes stagnating and overall business activity expanding at its slowest pace since June 2013. Subdued demand conditions contributed to one of the weakest rises in employment numbers recorded over the past three years. At the same time, construction firms indicted a softer increase in input buying and noted a renewed fall in optimism regarding the year-ahead business outlook. 
At 52.0 in April, the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index registered above the critical 50.0 no-change threshold, which marked three years of sustained output growth across the construction sector. However, the latest reading was down from 54.2 in March and pointed to the slowest expansion of business activity since mid-2013. Analysts were predicting no change. 
Sterling is currently being traded few points above 1.45 level. Pair is likely to find support around 1.4450 handle and resistance above 1.4550 level. Later today, in the US session, ADP job figures and Non-Manufacturing PMI data is scheduled for a release.
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