On Monday, the S&P released its figures for construction PMI in the UK, which exceeded market expectations. The index for UK Construction PMI rose to 54.6, from 48.4 in January, and above forecasts of 49.1.
Yesterday’s better than-expected data would have been one of the key contributing factors in GBP/USD’s brief rally yesterday, however, it is worth noting that sterling is still weaker against the greenback on a weekly and monthly comparisons.
We’ve just heard from the British Retail consortium (BRS), that the yearly figures for UK retail sales have risen to 4.9% in February from 3.9% in January.
Markets have also just seen the latest house price index from Halifax, which gave investors clues on the change in Britain’s house prices. The monthly index rose by 1.1%, following an upwardly revised 0.2% gain in January.
Over the course of the week, market-watchers will see a range of low-impact economic releases for the UK, including the latest construction output, before the spotlight turns to GDP on Friday.
In the eurozone, the latest retail sales for Italy will be released tomorrow at 9am – one hour before Spain’s consumer confidence which is forecast to rise again.
Those interested in the dollar’s movements will have several hot data releases to keep an eye on tomorrow including JOLTs job openings and a testimony from Fed Chair Jerome Powell. There will also be a highly anticipated rate statement issued from the Bank of Canada.
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