The British Pound depreciated against the US Dollar, as the data revealed that the UK construction industry grew at the slowest pace in 11 months in July. After the report, the GDP/USD exchange rate fell by 0.06% to be seen trading at 1.3234. Markit revealed that its PMI for Britain’s construction sector dropped to 51.5 in July, below forecasts for a modest decline to 54.5 points. The report showed a decrease in commercial development and weaker house building, which reflected a slowdown in the property market. Moreover, post-election uncertainties and unclarity surrounding the country’s economic outlook resulted in subdued demand for construction, while firms revealed less confidence about the future of the sector.
