Investing.com - U.K. construction sector activity expanded at a faster rate than expected in January, one month after hitting the lowest level in 17 months, industry data showed on Tuesday.
In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index increased to a seasonally adjusted 59.1 last month from a reading of 57.6 in December. Economists had expected the index to dip to 57.0 in January.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Commenting on the report, Tim Moore, senior economist at Markit and author the report, said, “UK construction companies have found their feet again after a protracted slowdown in output growth at the end of 2014."
GBP/USD was trading at 1.5023 from around 1.5000 ahead of the release of the data, while EUR/GBP was at 0.7542 from 0.7549 earlier.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 1.3%, the EURO STOXX 50 jumped 1.65%, France's CAC 40 rallied 1.5%, while Germany's DAX advanced 1.25%.