The good news keeps coming from the UK this week. UK construction PMI recovered much better than expected in August, lifting to a headline reading of 49.2 after July’s post-Brexit vote reading of 45.9. The median forecast had been for 46.5. This follows the stellar rebound in the manufacturing PMI in August, and the hope is that the PMI for the dominant service sector, which will be released on Monday, will follow suit. Offsetting the good news to an extent, was guidance from retirement home builder McCarthy & Stone, who said it had seen “evidence of some weakness.”
Cable initially rallied on the news, before hitting resistance at 133.00, NFP data is awaited as a potential catalyst for the break of the 1.3300 -1.3100 range.
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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