Latest data released by Markit/CIPS - 4 September 2018
- Prior 55.8
Another miss once again as weak construction data now weighs on the pound. Cable was already weak around 1.2830 levels but now trades just under it after the data release. Lows touching 1.2819 on the day.
Looking at the details, input prices were one of the contributing factors for the weak reading as it fell from 63.3 in July to 62.8 - the lowest reading since July 2016.
The data here is more significant in terms of sentiment as weak construction activity will weigh on economic sentiment. The big data is to come tomorrow which is the services print - the sector that the UK economy relies most upon. Either way, this isn't going to help the pound whatsoever on a day when other currencies are being battered by the dollar as well.
