U.K. construction PMI seems to have edged up in November

The U.K.’s construction sector is expected to have remained strong in November. The construction PMI has widely shown the similar behaviour as the manufacturing and services PMIs. It had declined sharply in July and then recovered quite strongly. However, the recovery was more muted than in the manufacturing and services sector.

The housing sector is the main driver of the movements in the construction PMI as it is the area most sensitive to short term sentiment swings. The prospects for the sector are expected to remain supported by loose monetary policy, while in the short term it is expected to probably rebound further. Hence the construction PMI is likely to have risen to 52.8 from 52.6, stated Societe Generale in a research report.

At 12:41 GMT, the GBP/USD pair is trading at 1.2645. Meanwhile, at 12:00 GMT the FxWirePro's Hourly Strength Index of British Pound was highly bullish at 145.49, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at -28.1748. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex