UK construction PMI rebounds to 45.3 in July vs. 46.0 expected, GBP/USD moves little

Haresh Menghani FXStreet

The construction sector activity in the UK witnessed a modest rebound in July but remained in the contraction territory for the fifth month in the previous six, the latest survey report from Markit Economics showed this Friday.

In fact, the final Purchasing Managers' Index (PMI) posted 45.3 in July, up from the previous month's dismal reading of 43.1 - marking its steepest decline since April 2009, and below consensus estimates pointing to a reading of 46.0.

The data, however, did little to provide any meaningful impetus to the British Pound, with the GBP/USD pair extending its sideways consolidative price action above the 1.2100 handle.

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Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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