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CFD and Spread Betting News: Construction PMI rallies sterling during trading

 


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City Index has a wealth of experience in spread betting and CFD trading. Here, the company gives an overview of financial activity on 2nd March 2011. Sterling has received a boost during trading today (March 2nd) thanks to the release of the Markit/Chartered Institute of Purchasing and Supply (CIPS) UK Construction Purchasing Managers’ Index (PMI), it has been said. The pound proved its worth against the US dollar, with an 11:01 GMT Reuters report noting that sterling reached a session high of approximately $1.6319, 0.3 per cent up on the day.

It stated that sterling rallied during trading after the PMI report revealed better-than-expected construction activity in the UK. Last month, UK construction PMI stood at 56.5, an increase from January's 53.7. It also marked the highest seen in eight months.

The surge in activity was mainly backed by new business growth and the rate of expansion soared for the third month in a row. Commenting on the study, CIPS chief executive officer David Noble said: “The situation is still fragile, however, considering the likely impact of government cuts. Concern about the level of bank lending is also having a negative impact on confidence. " Ensure you fully understand the risks. About City Index: Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform. As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. We provide access to a wide range of instruments including margined foreign exchange, contracts for differences (CFDs) and, in the UK, spread betting .

We constantly look to widen the range of assets we offer, improve the performance of our platforms and expand the range of services we provide. The result is that our customers benefit from innovative trading tools with transparent pricing, competitive spreads, and a high standard of customer service and support. Visit http://www.cityindex.co.uk/ for more information. Learn more about spread betting and CFD trading with City Index at http://www.cityindex.co.uk/ Spread betting and CFD trading are leveraged products which can result in losses greater than your initial deposit.

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