Forex News – Sterling lifted after UK construction PMI beats estimates
May 2, 2013 10:51 am
Sterling rose against the dollar after UK construction PMI data showed the building sector returned to growth in April.
The sector showed the best performance in six months and gave optimism that construction growth will help improve the UK GDP.
The construction industry has been the biggest drag on the country’s economic growth between January and March, cutting 0.2 percentage points off economic growth in the period.
The construction PMI data compiled by Markit/CIPS showed an increase to 49.4, just below the 50 level that separates growth from contraction, up from March’s 47.2.
This was well above a forecast for 48.0.
“The overall survey findings are an early indication that construction will act as less of a drag on UK GDP over the second quarter of 2013,” said Tim Moore, senior economist at Markit.
The surprisingly better data boosted GBPUSD to $1.5578 after the data from $1.5558 before the data at 0930 am London time.
Sterling rose against the dollar after UK construction PMI data showed the building sector returned to growth in April.
The sector showed the best performance in six months and gave optimism that construction growth will help improve the UK GDP.
The construction industry has been the biggest drag on the country’s economic growth between January and March, cutting 0.2 percentage points off economic growth in the period.
The construction PMI data compiled by Markit/CIPS showed an increase to 49.4, just below the 50 level that separates growth from contraction, up from March’s 47.2.
This was well above a forecast for 48.0.
“The overall survey findings are an early indication that construction will act as less of a drag on UK GDP over the second quarter of 2013,” said Tim Moore, senior economist at Markit.
The surprisingly better data boosted GBPUSD to $1.5578 after the data from $1.5558 before the data at 0930 am London time.
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