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Sterling Strong Even as UK Construction Declines
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.