Sterling falls against its major counterparts after UK Construction PMI fell well below expectations in September.
Construction PMI fell to 48.1 in September compared to forecast at 51.0, with strong extension below 50.0 threshold signaling contraction.
September’s figure shows the lowest level since August 2016, as Construction PMI is falling from 2017 peak at 56.0, hit in June.
Sterling dipped to 1.3248 from pre-data high at 1.3278 against the dollar and hit daily low at 0.8859 against the Euro.
Pound also fell against yen to 149.78, reversing from session high at 150.23.
Weaker than expected UK Construction PMI data are likely to further pressure Sterling.
Cable is back below daily Kijun-sen (1.3253) eyeing session low at 1.3228 and could extend to rising 30SMA at 1.3208.
EURGBP is focusing Monday’s high at 0.8868 and may extend towards key near-term barrier at 0.8898 (19 Sep lower top).