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UK Construction PMI misses estimates, new work sees fastest rise in a year

FXStreet (Mumbai) - The headline Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) registered 58.8 in October, which was down from 59.9 in September, missing estimates of a 58.9 reading.

Markit noted in its release, “October data highlighted another upturn in overall UK construction output, alongside a rebound in new order growth and the fastest pace of job creation for almost a year. Commercial building work was a key growth driver in October, as housing and civil engineering activity both expanded at slower rates than in September.”

“Despite a robust and accelerated rise in input buying, latest data indicated the lowest strain on supplier delivery times for almost five years. Meanwhile, relatively subdued cost inflation continued in October, helped by falling raw material prices (especially metals).”

Non-Standard measures expected to push inflation to 2% - ECB’s bulletin

The latest monthly bulletin released today by the European Central Bank (ECB) shows the non-stand measures (QE, negative rates) are expected to push inflation rates towards levels below, but close to, 2% over the medium term.
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AUD outperforms after RBA hold rates – MUFG

Derek Halpenny, Research Analyt at MUFG, notes that Australian dollar is the best performing major currency this morning given the failure of the RBA to ease and while the statement contained a more explicit bias to ease the statement also clearly indicated some increased confidence from the central bank.
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