The UK construction sector continues to receive a blow after the blow, experiencing stagnation in the real estate market. The index of activity in the sector went worse than forecasts, but the secondary negative will probably remain unnoticed, as the focus is on the decision of the British on Thursday. , taking a pause in June, allows officials to maintain a preventive stimulus, because what difficulties for the economy conceals Brexit are still unclear and in Mark Carney's opinion it is better to serve the “dish" slightly overheated than cold. The pound, of course, climbs higher, so that on soft comments it's good to break down. The only fundamental rationale for a strong pound is strong exports, but here one must also remember that it was paradoxically dependent on a weak currency.
Oil prices remain stable before the release of EIA data, the news background remains relatively favorable after the meeting of OPEC, data on US stocks still do not bring a strong negative. Gold prices fell by half a percentage point, the first alarm bell that NFP data could shift the balance in favor of hawkish rhetoric at the next Fed meeting.
This analysis is provided as general market commentary and does not constitute investment advice.