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FTSE Edged Lower, Instability Remains

Published by Filipe R. Costa on Wed, 02/03/2011 - 18:29

The FTSE 100 opened lower today, pushed down by yesterday sell off in US markets mostly due to all the instability in the Middle East.

At 9.30am GMT, the Construction PMI was released in the UK, with the index showing a reading of 56.50, higher than expected, indicating expansion of the manufacturing in the construction industry. This helped the GBP against its major pairs, in special against the USD. The pair started the day at 1.6226 and edged higher to 1.6324 at UK markets close, a gain of 100 points.