020 7898 0500If the start of 2018 was a positive one for the pound, yesterday poured cold water on any notions of an extended rally. Following the release of a disappointing construction Purchasing Manager Index figure, reality bit into the pound and it weakened against the euro and dollar. It is worth mentioning that the reading came in at 52.2 which still signifies growth, but it was below what had been forecast.
However, Markit confirmed that the new orders index had climbed from 52.9 in November to 53.1 so it wasn’t quite as bad as it first appeared. Attention will now turn to the release of the services PMI later today, which will give a further indication of how the UK economy performed towards the end of last year.
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