UK July Construction Output Bucks Expectations for Post-Brexit Fall

British construction output held steady during the first full month after the June vote to leave the European Union, bucking expectations for a fall, while the trade deficit narrowed slightly, official data showed on Friday.

Construction volumes were unchanged in July after a 1.0 percent drop in June, a smaller fall than the average 0.8 percent decline forecast in a Reuters poll, the Office for National Statistics said.

But compared with a year earlier, volumes were 1.5 percent lower, the biggest drop since April 2013 though a smaller decline than the 3.2 percent economists had forecast.


EUR/USD – Euro Punches Past 1.13 as ECB Stays on Sidelines

Britain Should Make up Its Mind on Start of Brexit Talks – Eurogroup Head

UK Expectations for Rate Hikes Lowest on Record – BoE

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.