UK construction PMI drops to 43.1 in June, steepest decline since April 2019 (GBP holds weaker)

The construction sector activity in the UK witnessed a sharp loss of momentum in June and fell at the steepest rate since April 2009 in June, the latest survey report from Markit Economics showed this Tuesday.

The final Purchasing Managers' Index (PMI) posted 43.1 in June, down sharply from 48.6 in May and well below the 50.0 no-change mark for the fourth time in the past five months.

The data dented already weaker sentiment surrounding the British Pound, with the GBP/USD pair falling to fresh session lows and now eyeing a move back toward the 1.2600 round figure mark.