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Latest PMI report suggests that UK might enjoy a much better fourth quarter, reversing its recent weakness. Yesterday manufacturing PMI gauge steepened at fastest pace on Markit's 24 year recorded history and moved to highest level in 16 months. To add to the good news, today's construction PMI showed UK construction sector in quite a good health.
- According to today's report, business activity grew in all three sub-segment (residential construction, commercial construction, civil engineering activity). Best growth is being registered by commercial segment.
- While some might point out headline was lower than September's 59.9, but current reading of 58.8 is well above 50 mark, indicating expansion.
- Moreover, employment growth has been fastest since November 2014.
Despite all the good news, Pound's performance has been relatively mute. After strong showing since Friday and testing key 1.55 resistance area post manufacturing PMI report, performance have been lacklustre.
Pound is hovering around 1.54 against Dollar.
Some of this action can be attributed heavy event risks scheduled ahead, Bank of England's monetary policy, services PMI and NFP report.
