Construction Activity Gains Pace in Britain
Today’s Markit survey has revealed that the pace of activity in Britain’s construction sector improved unexpectedly for January. In light of recent signs suggesting that the UK housing market may be cooling, today’s data has offered a surprise to investors. Moving ahead, traders will keep tabs on tomorrow’s services PMI data in the UK to better gauge the nation’s macro health, particularly considering that the services sector plays a key role in contributing towards the economy’s growth.
Across the Atlantic, after the soft ISM manufacturing PMI survey raised concerns over the economy’s health for the first month of 2015, market participants will eye tomorrow’s ISM non-manufacturing PMI reading for further direction. Additionally, today’s factory orders data in the US today is likely to attract attention among greenback investors.
The Reserve Bank of Australia in its policy meeting held earlier today surprisingly lowered its benchmark cash rate to 2.25% from 2.50%. AU$ has fallen against all Majors in early trading.