British construction PMI suddenly leaps to 17-month peak in May

British construction PMI suddenly leaps to 17-month peak in May

In May, British construction sector activity inched up to a 17-month peak, thus driving optimism over the British real estate market, as industry data disclosed on Friday.

Market research firm Markit along with the Chartered Institute of Purchasing & Supply told that their British construction purchasing managers' index tacked on to a seasonally adjusted 56.0 the previous month from April’s outcome of 53.1. It turned to be its best result since December 2015.

Financial experts had predicted that the index would edge down to 52.7 in May. A reading above 50.0 on the index stands for expansion, while below points to contraction.

Following the report, the currency pair GBP/USD reached 1.2871 compared to 1.2867 before the release. Meanwhile, EUR/GBP hit 0.8722, unlike the previous outcome of 0.8721, while GBP/JPY demonstrated 143.54, compared to the previous outcome of 143.49.

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