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EUR/GBP remains firm around 0.8650 in Wednesday’s early European session.  EU ZEW Economic Sentiment plunges in August, which might cap the EUR’s upside.  Investors pare bets on BoE rate cut after UK jobs data.  The EUR/GBP cross trades on a stronger note near 0.8650 during the early European session on Wednesday. The Euro (EUR) edges higher against the Pound Sterling (GBP) on potential talks between US President Donald Trump and Russian President Vladimir Putin in Alaska on Friday to end sanctions. The preliminary reading of the UK Gross Domestic Product (GBP) for the second quarter (Q2) will be closely watched later on Thursday.  The United States (US) and Russia have agreed to hold a meeting between Trump and Putin on Friday to discuss how to end the war in Ukraine. Trump announced the meeting a week beforehand, the same day as his deadline for Russia to agree to a ceasefire in Ukraine or face more US sanctions. Trump announced the meeting a week in advance, the same day he set a deadline for Russia to agree to a ceasefire in Ukraine or face further US sanctions. Meanwhile, optimism surrounding US-Russia talks continues to underpin the shared currency.  However, the downbeat ZEW Survey of Expectations for August from the Eurozone and Germany released on Tuesday might cap the upside for the cross. The Eurozone ZEW Economic Sentiment plunged to 25.1 in August from 36.1 in July, while Germany’s ZEW Economic Sentiment fell to 34.7 in August versus 52.7 prior. Both readings came in below the market consensus.  On the GBP’s front, the UK jobs market has weakened again, but wage growth remains strong, prompting traders to trim their bets on the possibility of another Bank of England (BoE) rate cut this year. Markets are now fully pricing another reduction only in February 2026, according to LSEG data. The cautious stance of the UK central bank might lift the GBP against the EUR in the near term.  Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. 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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Editors’ Picks EUR/USD clings to gains above 1.1700 on broad USD weakness EUR/USD trades at its highest level in two weeks above 1.1700 on Wednesday. In the absence of high-tier data releases, the broad-based US Dollar weakness on improving risk mood after July inflation data helps the pair preserve its bullish momentum. GBP/USD climbs to multi-week highs above 1.3550 GBP/USD builds on Tuesday’s gains and climbs above 1.3550 for the first time since late July. The positive shift seen in risk sentiment makes it difficult for the US Dollar to find demand midweek, allowing the pair to continue to stretch higher as markets await comments from Fed officials. Bank of England cuts rates in dramatic meeting The Bank of England has cut rates by a further 25 basis points to 4% but the statement hints that officials think the easing cycle is nearing its end. Policymakers are visibly worried about a more persistent bout of inflation as the headline number is way higher than target. Best Brokers for EUR/USD Trading SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you’re a beginner or an expert, find the right partner to navigate the dynamic Forex market. Read More

An article from The team landed a $166 million contract to design the long-awaited $5.5 billion Interborough Express that will link Brooklyn and Queens. Published Aug. 12, 2025 Rendering of the Interborough Express, a planned light rail line that will connect the Brooklyn and Queens boroughs of New York City. Courtesy of New York Governor’s Office This audio is auto-generated. Please let us know if you have feedback. Award: Light rail line design Value: $166 million contract, total project cost $5.5 billion Location: New York City Client: Metropolitan Transportation Authority The $5.5 billion Interborough Express, a planned 14-mile light rail line linking the Brooklyn and Queens boroughs of New York City, took a key step forward with the award of a design and engineering contract, according to a news release from New York Gov. Kathy Hochul.  The Metropolitan Transportation Authority picked a joint venture composed of Omaha, Nebraska-based HDR and Dallas-headquartered Jacobs to oversee the project’s design and engineering phase, per the release. The new commuter line, dubbed the IBX, will connect historically underserved communities in Brooklyn and Queens to each other and to the subway, bus and Long Island Rail Road systems, per the release. It is expected to reduce travel times by 30 minutes in either direction. Hochul proposed the project back in 2022, when commuting pattern data showed that fewer people were commuting into and out of Manhattan, Time Out reported. She approved $2.75 billion for the project in April as part of the 2025-2029 MTA Capital Plan. “Building the Interborough Express will transform New York, connecting communities like never before, shortening commutes and unleashing the full potential of Brooklyn and Queens,” Hochul said in the release. “The IBX is the sort of project that future generations will describe as a no-brainer.” The IBX will have 19 stations and connect to 17 different subway lines, per the release. It will be built on an existing right-of-way on a freight line and marks the first new end-to-end rapid transit constructed entirely within New York City since the IND Crosstown Line, now called the G, opened in 1937. Design work will officially kick off this summer, focusing on communication and signal systems, vehicles and tracks. Civil engineering efforts will include station and retaining wall plans, bridge reconstruction and design of the operations facility and storage yard, per the release. This phase marks the last major step before formal construction begins. Read More

An article from Dive Brief Artificial intelligence applications like predictive maintenance and digital twins can help keep the power on and the roads open during natural disasters — and save $70 billion in losses by 2050, per Published Aug. 12, 2025 A person shields themselves from rainfall on July 31, 2025, in New York City. Widespread storms brought bursts of heavy rain, and forecasters warned that multiple rounds of storms could lead to flash flooding. Adam Gray via Getty Images First published on This audio is auto-generated. Please let us know if you have feedback. Dive Brief: AI applications such as predictive maintenance and digital twins could prevent 15% of projected natural disaster losses to power grids, water systems and transportation infrastructure, amounting to $70 billion in savings worldwide by 2050, according to a recently released Deloitte Center for Sustainable Progress report. Governments and other stakeholders need to overcome technological limitations, financial constraints, regulatory uncertainty, data availability and security concerns before AI-enabled resilience can be widely adopted for infrastructure systems, according to the report. “Investing in AI can help deliver less frequent or shorter power outages, faster system recovery after storms, or fewer damaged or non-usable roads and bridges,” Jennifer Steinmann, Deloitte Global Sustainability Business leader, said in an email. Dive Insight: Natural disasters have caused nearly $200 billion in average annual losses to infrastructure around the world over the past 15 years, according to Deloitte. The report projects that could increase to approximately $460 billion by 2050. Climate change is expected to increase the frequency and intensity of these events, leading to higher losses, according to the report.   “Investing in AI has the greatest near-term potential to help reduce damages from storms, which include tropical cyclones, tornados, thunderstorms, hailstorms, and blizzards,” Steinmann said. “These natural disasters drive the largest share of infrastructure losses, due to their high frequency, wide geographic reach, and increasing intensity.” The AI for Infrastructure Resilience report uses empirical case studies, probabilistic risk modeling and economic forecasting to show how AI can help leaders fortify infrastructure so they can plan, respond and recover more quickly from natural disasters. “AI technologies can offer preventative, detective and responsive solutions to help address natural disasters — but some interventions are more impactful than others,” Steinmann said. Investing in AI while infrastructure is in planning stages accounts for roughly two-thirds of AI’s potential to prevent natural disaster costs, she said. Tools like AI-powered digital twins, predictive maintenance systems and scenario analysis can help urban planners design more resilient infrastructure. “At the same time, leaders should invest in building the necessary digital and data infrastructure, fostering cross-sector collaboration, and helping ensure access to high-quality data so that they can maximize the effectiveness of AI tools in the three phases of the infrastructure lifecycle (planning, response and recovery),” Steinmann said. Cities can overcome resource constraints by working with private sector stakeholders and research institutions and focusing on more cost-effective solutions that provide demonstrated measurable benefits, such as AI-powered early warning systems, she said. “Starting with pilot projects, focusing on one hazard type — like storms — and working directly with private companies or research centers, can help demonstrate value and build momentum for broader adoption,” Steinmann said. Development banks, insurance companies and financial institutions are increasingly incentivizing AI-driven risk reduction strategies through flexible financing models and innovation funds, she added. Read More

An article from Economic Reports Abandonments and delays eased in July, though a “volatile economic environment” lingers, according to ConstructConnect. Published Aug. 12, 2025 A Caterpillar backhoe sits on a trailer at Peterson Cat on Aug. 5, 2025, in San Leandro, Calif. Justin Sullivan/Getty Images via Getty Images This audio is auto-generated. Please let us know if you have feedback. Good news broke ground for contractors in July as construction stress eased across the board. The rate of construction freezes and cancellations plummeted in July, according to the latest data from Cincinnati-based ConstructConnect. The Project Stress Index, a measure of construction projects that have been paused, abandoned or delayed, fell 24.3% between June and July. That decline offered some relief for builders facing rising material costs and elevated borrowing rates. A 37.1% drop in abandonments in July drove the overall decline in project stress. On-hold and bid delays fell too, by 15.5% and 4%, respectively, according to the data. Stress in the private sector eased most significantly in July. Private bid delays fell close to historic lows and on-hold activity dropped to around its long-term average, said Devin Bell, associate economist at ConstructConnect. But both private and public sector abandonment activity remain near historic highs. Even with the improvement in stress in July, the index sits 14.1% above the 2021 baseline, said Bell. Over the past year, overall stress is up 25.9%, he said. “We typically see abandonment activity trail off after the first half of the year,” said Bell. “July has broken this trend with both sector abandonments near historic highs as we enter the second half of the year.” In the public sector, abandonments remain near the index peak, up 76.7% year over year, despite the decline in July. At the same time, projects placed on hold in the public sector ticked up 2.1% compared to the same period in 2024, according to the data. Pittsfield, Massachusetts-based Unistress Corp. and its subsidiary, Berkshire Concrete Corp. laid off 233 workers, according to a Massachusetts Worker Adjustment Retraining Notification notice filed for the week ending June 27. Unistress CEO Perri Petricca said the decision stems from the delay of two major contracts following volatility in steel prices. Irving, Texas-based Fluor also recently reported delays and cancellations on its backlog due to cost escalation, trade policy shifts and interest rates, according to its second quarter earnings call. Its CEO Jim Breuer told investors the construction market has entered a period of “short-term hesitation.” “The volatile economic environment continues to weigh on the construction market,” said Bell. “[That’s] potentially pushing some owners and developers toward abandonment.” Read More

An article from Project Wins The Providence, Rhode Island-based builder will lead site preparation work for the semiconductor fabrication facility in New York. Published Aug. 12, 2025 Rendering of Micron’s $100 billion semiconductor fabrication complex in Clay, New York. Courtesy of New York State This audio is auto-generated. Please let us know if you have feedback. Award: Preconstruction and site prep work Value: Contract undisclosed, total project cost $100 billion Location: Clay, New York Client: Micron A semiconductor giant is planning to break ground on the country’s largest semiconductor fabrication facility ever, according to New York State. Micron, a Boise, Idaho-based semiconductor manufacturing company, tapped Gilbane to prepare the ground for its planned $100 billion semiconductor fabrication complex in Clay, New York. The Providence, Rhode Island-based builder will lead preconstruction and site enabling work across 680 acres of the campus, according to the contractor. The planned job marks the first phase of development at Micron’s 1,400-acre White Pine Commerce Park site. Crews will produce and deliver aggregate to bring the site to rough grade, followed by the removal of trees and brush across the Phase 1 and Phase 2 areas. Gilbane will also remove soil and replace it with processed aggregate before building stormwater basins and drainage. Teams will then add permanent perimeter fencing with security features, along with temporary systems able to be adjusted as site conditions change, according to Gilbane. No official groundwork can start until the completion of state and federal environmental review processes and other permitting requirements, according to a Micron statement shared with Construction Dive. In the meantime, the semiconductor company will have Gilbane begin outreach to trade contractors to prepare for site work later this year. Procurement for these packages begins this month and will continue in September, according to a statement shared with Construction Dive. Read More

WSP announced a $1 billion, seven-year partnership with Microsoft at the beginning of 2025 to accelerate the digitization of the architecture, engineering and construction industry via artificial intelligence. That alliance is now paying off, CEO Alexandre L’Heureux said on a second-quarter earnings call Aug. 7. “In our bidding group … we believe that very soon we will be able to reduce some of our human output by close to 80%,” L’Heureux said. “So that’s not de minimis, because we have bidding groups across each and every segment and across each and every country. So that’s an example of where we feel we can make a tremendous improvement and reduce human intervention.” It’s not just AI creating those results, though: In the past decade, the Montreal-based construction giant’s revenue per employee has seen constant growth while labor became cheaper, according to L’Heureux. “Our revenue at the moment is growing much faster than our headcount,” L’Heureux said. “That’s why today, unlike perhaps five, six, seven years ago, I am not talking as much about headcount as we used to. To me, it’s becoming more irrelevant.” Although the market is still “very, very dynamic,” WSP has not seen much election-related disruption amid recent or upcoming votes in major markets including New Zealand, the U.K., Australia, Canada and the U.S., according to L’Heureux.  Even with regime change in the U.S. and U.K., infrastructure spending remains a top priority for both of those countries, L’Heureux said. Although President Donald Trump’s administration has brought some shifts in priorities — for instance, away from renewables and towards fossil fuels — he aims to facilitate and expedite investment. Projects and sectors Data centers and related projects remain hot, with “robust activity across all of our geographies,” according to L’Heureux.  “Mandates encompass site acquisition, due diligence, master planning for new AI factories, greenfield data center design projects, brownfield data center upgrades and the growing power and water infrastructure demand,” L’Heureux said. WSP has also seen “tremendous growth in power generation,” L’Heureux said, citing thermal and nuclear energy in particular. To that end, Power Engineers, the Hailey, Idaho-based engineering and environmental consulting firm it purchased in August 2024, had an organic growth rate of 16% this quarter.  “It was a must-do deal, and I’m extremely pleased that we completed this acquisition. It’s very, very strategic for our platform,” L’Heureux said. “I’m feeling very bullish on this acquisition and very bullish around this [power generation] sector.”  Water continues to benefit from investment across most of WSP’s geographies, L’Heureux said. The firm recently secured a role in an Ontario wastewater treatment plant expansion, as well as a major PFAS project for the U.S. Air Force in the Midwest that “shows our strong position in the combined defense and water markets,” according to L’Heureux.  Despite the Trump administration’s reversal of environmental projects and protections, WSP’s environmental backlog has continued to grow, even in the U.S., L’Heureux said. In particular, WSP’s biodiversity and marine expertise are in high demand in Canada.  The transportation infrastructure sector, including rail, continued to perform well, per L’Heureux. WSP won a role in the $3.9 billion Hampton Roads Bridge-Tunnel project in Virginia, as well as in the new terminal of Perth International Airport in Australia. By the numbers WSP reported revenues of $4.5 billion Canadian dollars ($3.3 billion) in its second quarter earnings, up 14.6% from CA$3.9 billion in Q2 2024. The firm’s profits grew to CA$279 million in Q2 2025, up nearly 52% from the same period last year.  Backlog stood at CA$16.3 billion, a 10.9% increase from Q2 2024.  That was due mostly to continued strong performance in Canada, the Americas and Europe, Middle East, India and Africa, according to WSP CFO Alain Michaud, and to the fact that WSP reduced its presence in the Asia-Pacific region in the first half of the year after its performance slowed. “Clients are recognizing the expertise that we bring to the table,” L’Heureux said. “It allows us to be more selective in the projects that we undertake, but it also allows us to charge for the great work that our engineers are doing.” More M&A Although L’Heureux noted last quarter that election-related uncertainty was dampening the M&A market, he said his firm is continuing to pursue merger and acquisition opportunities.  In June WSP acquired Lexica, a U.K.-headquartered consulting firm specializing in healthcare and life sciences, which adds 90 experts to the firm’s Planning, Property and Advisory business in the region and forms a new Healthcare and Life Sciences Advisory team. WSP also announced an agreement in June to purchase the U.K.-based consultancy Ricardo, which delivers strategic advisory and engineering solutions that intersect the global transport, energy and environment agenda. Read More

Lynch Labour will add to the company’s established plant hire offering as the industry continues to struggle to attract skilled workers. The company said: “We are already embedded in major infrastructure schemes, so we understand the importance of aligning with project-specific goals and maintaining the highest standards of safety, service, and quality.” Lynch has set-up a dedicated labour delivery team which is experienced in sourcing, vetting, and mobilising candidates. It added: “With one of the largest databases of construction operatives in the UK, Lynch Labour is ready to support new and existing clients with the right people, in the right place, at the right time.” The pool of operatives includes: Slinger/signaller Traffic Marshall/banksman General operative Groundworker Gate person Multiskilled operative Ganger Foreperson Supervisor Concrete finisher Carpenter Bricklayer Steel fixer Pipelayer Street works operative Read More

The target was originally set by chief executive boss Leo Quinn eight years ago. Latest results for the contracting giant show the UK business boosting profits as the American operations racked-up a loss due to a problem civils contract in Texas. Results for the six months to June 27 2025 show an overall pre-tax profit of £132m from £112m last time on turnover up to £5.1bn from £4.7bn. The UK construction business saw its profits from operations increase to £56m from £34m on revenue of £1.56bn from £1.46bn. Balfour said: “UK Construction achieved its long-standing margin target of 3% in the period, with strong project delivery, the improved risk profile of its portfolio and a one-off £10m insurance recovery contributing to underlying profit from operations of £56m. “This represents a 3.6% PFO margin. The full year PFO margin for UK Construction is expected to be around 3.0% prior to including the insurance recovery.” The UK Construction order book grew by 2% to £6.3bn and support services increased profits to £46m from £34m on revenue up to £662m from £554m. Quinn said: “Our continuing strong cash generation is underpinned by a growing order book with improved margins and lower risk contract forms. “This provides the Board with increasing confidence in significant future cash generation that supports our ongoing dividends and share buybacks. This is demonstrated by the momentum in our key growth areas in the first half.” Read More

McNerney, currently director for clients and government at Laing O’Rourke, brings over 25 years’ leadership experience in UK and international construction and manufacturing. He has previously run O’Rourke’s £1.3bn UK construction arm and led divisions including Select Plant Hire, Explore Manufacturing and Crown House Technologies. During his career, McNerney has delivered major projects such as Everton’s new stadium and Oxford University’s Humanities campus, both using Severfield as main steelwork contractor. His international track record includes launching infrastructure operations in New South Wales and breaking into oil and gas markets. Severfield chair Charlie Cornish said McNerney’s strategic and operational background would be key to leading the group “through its rebuilding process to the next phase of its growth and innovation” following recent challenges. A firm start date will be confirmed in the coming weeks. Read More