UK Construction PMI Drops
Sterling has shown little reaction to today’s construction PMI data which indicated that the pace of construction sector activity in the UK slowed for November. Market participants will now keep a tab on tomorrow’s services PMI numbers that are expected to show an improvement, in sync with yesterday’s encouraging manufacturing numbers which had led the Pound to breach the 1.57 mark against the US Dollar.
Across the Atlantic, yesterday’s ISM survey showed that manufacturing PMI in the US dropped less than expected for November. In the Euro zone, traders will eye today’s producer price inflation data for further direction, especially after yesterday’s soft manufacturing PMI numbers strengthened prospects of deflation in the region going forward.