Earlier this morning it was announced that the growth in Britain’s building sector as fallen to its lowest level in a year, and I personally think its worth noting that the last time the figure was this low it was shortly after the Brexit vote!
UK commercial construction slumped for a 2nd consecutive month as it appears concerns over the Brexit has negatively impacted new investment into the sector. The data resulted in a drop to the Pounds value which has got progressively worse throughout the day, and at the time of writing the Pound is down by almost 1% against the Euro as well as being down against the majority of other major currencies.
An expert in the area, Duncan Brock of the Chartered Institute of Procurement & Supply today suggested Brexit uncertainty is hurting the UK construction sector. He said that the struggling commercial sector drove this fall so those hoping for a boost to the Pounds value may wish to also watch the UK property sector as it’s currently a driving factor in the Pounds value.
Tomorrow morning there will be a release of Services PMI data which will cover sentiment within the area. The services sector covers two-thirds of the UK economy so expect any major deviations from the figure expected (53.5) to result in movement between the pair.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.