Nick Nasad
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UK Construction Data Helps GBP to Stabilize

The UK construction sector - a key driver of the better than expected GDP growth in the 3Q in the UK - had another good month according to the Markit PMI data for the month of October. The reading for Oct. came in at 59.4, quite a bit stronger than the 58.9 forecast (which was the pace seen in Sept).

Looking at the longer term picture, we can see that this continues a trend in which construction activity has been running very high in the middle of 2013.

The news helped to give the GBP some support, with the GBP/USD finding a bit of a base following last week's strong move in favor of the USD.