Sterling continues to trade in a fairly narrow range against the US dollar and the euro as it waits for a catalyst to drive it one way or the other. We had better-than-expected UK manufacturing output data yesterday but this data was unable to force sterling into making gains against its major trade partners, partly due to manufacturing data from the US and the Eurozone also being better than expected. Continued tension in the Crimean region is likely to have some effect on financial markets, although we are still waiting to see what this means for the pound.
Today’s significant UK data release is the construction industry’s purchasing managers index, which provides an indicator of the health of the UK construction industry. Not as significant an indicator as the services index due tomorrow but still key in giving the market a detailed view on the strength of the UK economy.
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