Sterling Strong Even as UK Construction Declines
The Great Britain pound remained strong today even after a report showed that Britain’s construction stayed in decline last month. The sterling advanced against the US dollar as likely the Friday’s huge drop was overdone, while rally of pound against the yen can be explained by the weakness of the Japanese currency.
The Markit/CIPS UK Construction Purchasing Managers’ Index remained at 48.7 in January, unchanged at from the December’s six-month low. The reading below 50.0 indicates contraction of the sector. Today’s negative data added to the recent string of poor macroeconomic reports. Yet the sterling remained unfazed and rose even amid unfavorable fundamentals.
GBP/USD rose from 1.5689 to 1.5710 and GBP/JPY advanced from 145.55 to 145.95 as of 12:26 GMT today.
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Earlier News About the Great Britain Pound:
- GBP/USD Drops as UK PMI Falls, GBP/JPY Highest Since 2010 (2013-02-01)
- Sterling Rises with Consumer Confidence & House Prices (2013-01-31)
- UK Pound Finds Respite for Now (2013-01-29)
- Sterling Weak as Britain's House Prices Stall (2013-01-28)
- Pound Drops as UK Economy Contracts (2013-01-25)