The pound is down against both the euro and the dollar this morning. It briefly benefited from a weaker dollar, but remains affected by the ongoing uncertainty in Parliament.
Sterling rose slightly yesterday due to assurances from President Trump that the US was committed to a trade deal with the UK. However, concerns about a no-deal Brexit are still weighing on the pound, as are recent poor economic data releases.
The Construction PMI figure was released yesterday coming in at 48.6, its third decline in four months. This missed the estimated figure of 50.6 and indicates contraction, proving to be the worst month for the construction industry in almost a year. This poor figure is thought to be due to postponed investment from customers due to Brexit uncertainty.
Today we’ll see the release of Services PMI, which is expected to remain near stagnation at 50.6.
