Pound Extends Gains on Expanding Construction Sector
The Great Britain pound continued its rally today, rising for a third day against the US dollar, as the report showed that UK construction sector returned to growth in January.
The Markit/CIPS Construction Purchasing Managers’ Index (seasonally adjusted) showed a solid expansion of activity in the UK construction sector, rising from 49.1 in December to 53.7 in January. Market participants expected a smaller growth to 49.8. One of the reasons for the improvement was better weather conditions at the start of the year that have helped to boost the construction work.
GBP/USD rallied from 1.6140 to 1.6213 as of 11:03 GMT today, while GBP/JPY advanced from 131.29 to 132.06.
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Earlier News About the Great Britain Pound:
- Pound Rallies on Anticipation of Interest Rates Hike (2011-02-01)
- Britain's Pound Goes Down as Consumer Confidence Slumps (2011-01-28)
- Pound Regains Strength on MPC Minutes (2011-01-26)
- Declining UK GDP Hurts British Pound (2011-01-25)
- Pound Up on Accelerated Inflation (2011-01-18)