Buried within the release of the UK PPI figures was news from the ONS that UK Q1 Construction output fell 9 % q/q and by 6% y/y. This is the biggest fall since 1963. The ONS have also said that their Q1 GDP data will likely need to be revised after this data as they had used a quarterly figure of minus 2.4 % in the -1.9% Q1 GDP data. They haven’t said which way the revision would be, but I’m not going out on a limb by saying that it will be downward.
Cable meanders at 1.6050
