Sterling rises on Construction PMI release

Thursday, 2 June 2011 11:41

GBP opened today's session with 1.6334 against USD this morning.  The pair has been trading around the same corners all day, awaiting for Britain's Construction PMI announcement which was released a few minutes ago.  Instantly GBP/USD went from trading at 1.6320 higher to 1.6337 within minutes of the news release.  Constuction Purchasing Managers' Index was released at 54.0, better than was expected by economists at 53.7 and higher than last month's 53.3. 

These news released measures the level of a diffusion index based on surveyed purchasing managers in the construction industry.  As businesses react quickly to market conditions, some forex market traders focus on important announcements like this one.