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.

Tags: ,

This entry was posted on Thursday, June 2nd, 2011 at 11:41 and is filed under Forex News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

DISCLAIMER: This material (written and attachments) is considered a non-binding marketing communication and does not contain investment advice, investment recommendations or any offer or solicitation for any transactions in financial instruments in any jurisdictions. Mega Trader FX does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information provided. Any expressions of opinion are subject to change without notice and opinions made may be personal to the author and may not reflect the opinions of Mega Trader FX. This content must not be reproduced or further distributed without the prior permission of Mega Trader FX