UK Construction PMI beats expectations

UK Construction Purchasing Managers’ Index (PMI) came in better than expectations at 53.1 compared to polls expecting a reading of 52.

Tuesday’s stronger-than-expected survey of the manufacturing sector gave the pound some buoyancy in the face of headlines that suggested Britain’s negotiations to leave the EU would be difficult. Today’s figures will help Sterling further.

Brexit minister David Davis said on Wednesday that Britain would not pay 100 billion euros to leave the European Union, after the Financial Times reported that the bloc was preparing to demand that amount.

This came a day after British Prime Minister Theresa May promised EU officials she would be “a bloody difficult woman” in the talks, after being accused of underestimating the complexity of Brexit negotiations and having “illusions” over a deal.

In our view the value of Sterling will be turbulent over the coming months. If you need to purchase euros or dollars in the near future it may be beneficial to look into a forward contract, where you can buy now and pay later. This will minimise the risks of the markets going against you and affecting your bottom line.

We have many tools available to protect you against major fluctuations so give us a call and we can discuss your requirements in more details and together make a decision on what would be best for you.

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