S&P Global/CIPS Construction PMI comes in at 44.7 against 39 consensus

The S&P Global/CIPS Construction PMI for the UK was released at 44.7, significantly above the consensus forecast of 39. This figure also marks an increase from the previous reading of 38.4. The print represented a 14.6% surprise compared to analyst expectations.

Following the release, market reactions across GBP pairs have been relatively subdued so far. Fifteen minutes after the data, EURGBP moved up 0.2 pips, while GBPAUD moved down 4.8 pips. GBPCAD gained 4.1 pips, GBPCHF rose 1.9 pips, and GBPJPY saw a modest increase of 0.3 pips. GBPNZD declined 3.8 pips, and GBPUSD advanced 1.9 pips. These initial movements are generally smaller than the median 1-hour moves observed after past releases, which typically range from 5 pips for EURGBP to 14 pips for GBPJPY and GBPNZD.