Forex News

UK construction PMI beats forecasts


U.K. construction sector’s growth stood in May, beating forecasts, giving some hopes that there could be improvement in the growth pace ahead of the services report.

Construction Purchasing Managers’ Index came in at 52.5 last month, unchanged from April’s reading. Analysts had predicted a reading of 52.0.

The data provided some hopes as the construction sector was the main driver to the weak 0.1 percent growth reported in the first quarter.

Still, investors will focus on the services PMI figures due this week after the manufacturing rebounded from a 17-month low.

As of 08:44 GMT, the pound traded higher for a fourth straight session at $1.3369, continuing its rebound attempts after falling to a six-month low of $1.3204 on May 29.

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