On April 3rd we learned the results of industrial PMI for British economy, today the same indicator was published for the construction sector. The final result for March was slightly lower than last month and analysts’ forecasts.
Construction PMI 52.20 – forecast 52.40
In February PMI for the construction sector reached 52.50, in March analysts assumed a marginal slide to 52.40. Eventually it was slightly stronger and the value of the index falls to 52.20. As we read in the official Markit/CIPS report, the main reason was the slowdown in the housing market:
Tim Moore, representing the institution, claims that the problem was noticeable a month ago and could hit the start of the quarter. While the rest of the construction industry is doing well, the housing sector’s performance is clearly slowing down.
GBP/USD with knee jerk and still down
Just after the publication of the GBP/USD data, the first attempt was made to grow, but the appreciation was abolished very quickly – the quotes returned to levels from before presentation of PMI results:
By analyzing a broader context, we see that second day in a row cable is slipping off after a retest of clear resistance zone. At the end of March, handle 1.2400 stopped the depreciation (by drawing a pin bar at its height) – will it do likewise also now? It should be noted that there is also a further support set by 23.6% of Fibonacci abolition and moving average.
