Market News

Snow Disruption Causes Significant Drop To UK Construction.

Updated 2 weeks ago

Cable remained untouched from the negative fundamentals this morning as the Construction PMI came in worse than expected with a final figure of 47.0 compared to the forecasted 50.9 which was already a significant drop from the prior announcement of 51.4. The Sterling managed to peak just below the 1.4100 major resistance barrier this morning against the U.S Dollar however, this couldn't sustain especially after the Construction data signified one of the biggest slumps in production due to the unexpected snow surge in the UK. With a heavy USD-predominant fundamental day to follow, the market could be seeing a reversal from this region and maintain stability between the 1.4000 and 1.4100 as insecurity lingers within the market from negative forecasts on both currencies comprising the Cable pair.