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UK construction PMI slumps below 50- GBP/USD hit fresh session lows
The January reading of UK construction, as defined by the latest PMI has just been released and it was really weak. The PMI reading fell to 48.1, from an expected reading of 53.4. That is one heck of a miss folks and the commentary from S+P Global accompanying this report was pretty bleak too. So, no surprise to see the Pound fall on this news. The GBP/USD fell to a session low close to 1.2425. That has further buoyed the FTSE 100 now though, as the markets eye yet another reason for the BOE to do more than just a 0,25% rate cut today. The FTSE 100 just rose close to 8,725- yet another note for the record books. The GBP/USD is just now at 1.2436 as the EUR/GBP lifts to session highs around 0.8334
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