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Forex News – Sterling jumps after UK construction PMI rises most since 2007

Posted on September 3, 2013 by the XM Investment Research Desk at 8:58 am GMT

Sterling jumped almost 30 pips against the dollar on Tuesday after data showed

expansion in the U.K. construction sector in August, giving a signal that the economy is

gathering pace.

According to data from Markit/CIPS construction purchasing managers index (PMI) rose

to 59.1 last month at the fastest pace in nearly six years to its highest level since

September 2007 driven by residential building.

The PMI rose from 57.0 in July, staying far above the 50 mark level demarcating growth

from contraction for a fourth month and was higher than forecast for a reading of 58.4.

The construction sector was the biggest drag on the U.K. gross domestic product in the

first quarter of this year but returned to growth in the second quarter.

The data today comes a day after stronger manufacturing PMI numbers reported on

Monday.

“The latest construction PMI figures are yet another indication that the UK economy has

performed impressively over the summer months,” said senior economist at Markit, Tim

Moore .

“A steep upturn in civil engineering activity suggested that public sector demand has

joined residential building as a key driver of construction output growth during August.”

GBPUSD rose to $1.5601 a few minutes after the data at 9:30 am London time from a

pre-data level of $1.5573.

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