The Great Britain pound remained strong today as data showed that the construction sector shrank last month less than was predicted by analysts, giving hope that the UK economy is recovering.
The Markit/CIPS UK Construction PMI rose from 47.2 in March to 49.4 in April, beating the forecast of 48.1. As with manufacturing, the report was not strictly good as it still pointed on decline of the sector, but at least it was better than predictions. The pound profited from the data and also rose against the euro on speculations that the European Central Bank will cut interest rates today.
GBP/USD rose from 1.5553 to 1.5569, trading near the highest since February 13, while EUR/GBP ticked down from 0.8468 to 0.8451 as of 9:32 GMT today.
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