Forex Pros – Britain’s construction sector activity fell less-than-expected in March, industry data showed on Monday.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers’ index fell to a seasonally adjusted 56.4 in March, down slightly from February’s reading of 56.5.
Economists had expected the index to decline to 54.8 in March.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
According to the report, new business received by U.K. construction companies increased for a thirteenth successive month in March. Meanwhile, cost inflation intensified again, reaching the highest since mid-2008.
Commenting on the report, chief executive officer at the CIPS David Noble said, “On the surface there wasn’t much of a change in the construction sector in March, but continued volatility in house prices and poorer consumer confidence mean there is still a great deal of uncertainty.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.22% to hit 1.6146.
Meanwhile, European stock markets were higher. The FTSE 100 added 0.17%, the EURO STOXX 50 climbed 0.1%, France’s CAC 40 eased up 0.07%, while Germany’s DAX rose 0.2%.
ForexPros.com
