Investing.com - U.K. construction sector activity expanded at a faster rate than expected in February, easing concerns over the health of the economy, 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 60.1 last month from a reading of 59.1 in January. Economists had expected the index to tick down to 59.0 in February.
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, “Housing, commercial and civil engineering activity all expanded at the quickest rates since last October, helped by sharp rises in new business volumes and an improving economic backdrop."
GBP/USD was trading at 1.5373 from around 1.5366 ahead of the release of the data, while EUR/GBP was at 0.7273 from 0.7278 earlier.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.25%, the Euro Stoxx 50 ticked up 0.3%, France's CAC 40 advanced 0.35%, while Germany's DAX advanced 0.3%.