Construction Can’t Save the Pound - Forex News by FX Leaders

Construction Can’t Save the Pound

Posted Thursday, March 2, 2017 by
Skerdian Meta • 1 min read

The report for the UK construction sector was just released. We checked some of the websites which provide the economic calendar (we will introduce it soon). All of them display the numbers in black, despite being slightly better than forecasts.

Last month´s PMI indicator was at 52.2 and that´s what the consensus was for this month as well. However, the actual reading came at 52.5. That´s slightly better than expected but not a big deal.

In fact, even the Eurozone has overtaken the UK when it comes to this sector. Actually, it seems a bit strange since the Eurozone is coming from a decade of tough economic hardship, but judging by the economic data of the last 6 months, the Euro land has overtaken most of the developed economies.

Anyway, this report isn´t that great for another reason. The new orders fell and so did the Pound. GBP/USD lost about 35 pips after failing to break the 20 SMA on the hourly forex chart, but most of this is coming from the USD side. 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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