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    Sterling Strong Even as UK Construction Declines


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    #1 ⇑ Haut ⇑ 04-02-2013 13:45:54

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    Sterling Strong Even as UK Construction Declines

    The Great Britain pound remained strong today even after a report showed that Britainís construction stayed in decline last month. The sterling advanced against the US dollar as likely the Fridayís 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 Managersí Index remained at 48.7 in January, unchanged at from the Decemberís six-month low. The reading below 50.0 indicates contraction of the sector. Todayís 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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    Sterling Strong Even as UK Construction Declines



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