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Following yesterday's excellent Manufacturing PMI figure, this morning saw the UK publish its latest Construction PMI survey and once again the numbers did not disappoint. The Construction PMI survey came in at 54.2 against a predicted level of 52.6 (a reading over 50.0 indicates growth), and helped the pound climb around half a cent against the dollar.
GBP/USD graph
This morning's data provides us with further evidence the UK economy is holding up well, and is currently performing far better than many economists had predicted following Britain's decision to leave the European Union back in June.
Will the pound continue to rise?
I don't think the pound is out of woods yet. As I mentioned in my post yesterday there are still concerns about the future of the UK economy post Brexit, and investors are still unsure about whether the government will opt for a Hard or Soft approach to negotiations.
Yesterday's announcement that EU ambassador Ivan Rogers had resigned and reports that he told his staff that Prime Minister Theresa May's objectives for Brexit were still unknown to her representatives in Brussels, will have only added to those fears.
Over the next couple of months I am sure we will see the pound come under an increased amount of pressure, and I would be surprised if the GBP/USD cross dropped below $1.20 in the build up to the government triggering Article 50.
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