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UK construction firms cut jobs

UK construction firms cut jobs | 07 September 2020

07 September 2020, GBP/USD

GBPUSD trading plan:

The IHS Markit/CIPS UK Construction Purchasing Managers' Index fell to 54.6 from 58.1 in July. Construction firms cut jobs for the 17th month running, although at a slower rate than in July. "The latest PMI data signalled a setback for the UK construction sector as the speed of recovery lost momentum for the first time since the reopening phase began in May," said Tim Moore, economics director at IHS Markit. "The main reason for the slowdown in total construction output growth was a reduced degree of catch-up on delayed projects and subsequent shortages of new work to replace completed contracts in August."

Trading recommendation: Sell 1.3230 and take profit 1.3180.

David Johnson
Analyst of «FreshForex» company
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