Global macro overview for 02/12/2015:
Worse-than-expected news on the UK economy was released this morning as the PMI construction index dropped to the lowest level this year (55.3 vs. 58.2 expected and 58.8 prior). There was slowing growth seen across all three sectors, housing, commercial and civil engineering. Exceptionally low numbers were revealed by housing activity: 55.2 vs 59.6 prior, which is lowest since June 2013. The UK construction firms are again overwhelmingly positive about the outlook for their business activity, while only a small proportion points to falling output levels during the next 12 months.
The GBP/USD pair is still searching for a bottom after the disappointing data. The next important support is seen at the level of 1.4993.