Stronger construction failed to boost pound

• Today the construction PMI data was positive at 60.1 better than previous 59.1. February is the twenty-second successive month the UK Construction PMI has been above the 50 threshold and expanded.

• The latest survey showed renewed strength within the sector and output growth picked up significantly.

• Housing, commercial and civil engineering activity all expanded at the quickest rates since last October with the help of new business volume.

• Latest mortgage approval grew to 36,400. GDP is still growing faster than all G7 countries at 2.7 percent YoY.

• House prices are still growing at 5.7 percent YoY.

Despite the positive release, Pound so far has failed to gain much ground against dollar. It seems, as the UK election looms ahead the Bank of England (BOE) won't be able to raise rates ahead of Federal Reserve in US. Pound may continue to remain in back foot against the dollar but do well against others.