UK: Focus on construction PMI – RBC CM

Adam Cole, Head of G10 FX Strategy at RBC Capital Markets, suggests that after yesterday’s manufacturing data showed such a huge rebound – more than fully reversing the kneejerk fall in the immediate wake of the referendum – today’s UK construction data should be watched.

Key Quotes

“Given the positive impact of GBP weakness on manufacturing, but domestically-oriented nature of construction, a similarly strong reading seems very unlikely.”