Data update – 03/02/15 – 09:35:35

UK Markit/CIPS construction PMI data much better than expected 59.1 vs 57.0 exp.. Cable was offered into this number so we may see a small squeeze! The data is worth 25 pips so far to cable as it bounces from 1.4995…Now at the top of the hour we get EU producer Price Index (PPI) which is due to fall from -0.3% last month to -0.7% mom.. yoy is expected -2.5%.. A fall would signal more deflationary pressures on the EU economy and possibly see EUR lower..