Today the UK Office for National Statistics has published it Construction PMI report for March. The report reveals an unexpected increase.
New construction orders grew in March at the fastest pace in 4 years, which resulted in positive sentiments. Most analysts had anticipated a decline.
According to David Kern, Chief Economist at the British Chambers of Commerce (BCC), the UK construction sector will probably manage to avoid a recession this year. However, the pace of growth will be faint and will return to normal in 2013.
According to , the GBPUSD futures is still fluctuating within the 1.6000-1.6050 range. Judging by low trading volume, there are no big-scale traders at the moment. If the demand growth, a test of 1.6050 will be highly probable. However, the price will most likely continue fluctuating within the mentioned range in the short run.
