The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
British construction PMI reaches 1-year dip in August
In August, British construction sector activity suddenly went down, reaching a one-year minimum and also affecting optimism over the UK economy, as industry data revealed on Monday.
Market research firm IHS Markit along with the Chartered Institute of Purchasing & Supply reported that the previous month their British construction purchasing managers' index went down to a seasonally adjusted 51.1 from July’s outcome of 51.9.
Financial experts had expected the index to soar to 52.0 in August.
By the way, on the index, a result above 50.0 traditionally stands for expansion, while an outcome below 50.0 suggests contraction.
IHS Markit stressed that a sturdy ascend in house building was compensated by a marked dip in commercial work and also added that new business edged down for the second month running.
Reacting to the report, the currency pair GBP/USD hit 1.2942 versus 1.2945 ahead of the publication.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…