Latest data released by Markit - 4 March 2019
- Prior 50.6
The print falls back into contraction territory and is the lowest reading since March last year. As mentioned in the data docket preview, construction activity is likely to show a similar trend to the declining manufacturing sector and it is very much shown here.
Of note, Brexit stockpiling by manufacturers have seen firms report delays to deliveries of building materials and Brexit uncertainty is seen to be delaying housing and commercial projects.
There's basically no reaction in the pound on this as it is still all about Brexit sentiment for the time being. GBP/USD holds steady at 1.3245 currently with EUR/GBP lower at 0.8566 as the euro is weaker on the day.
