UK Pound Gains as HPI Rises

The Great Britain pound advanced today after a good report about house prices, yet gains were limited as not all today’s data from the United Kingdom was particularly good.
The Nationwide House Price Index rose 0.7 percent in May, exactly as was predicted, registering the thirteenth consecutive increase. At the same time, the Markit/CIPS UK Construction Purchasing Managers’ Index demonstrated a drop from 60.8 to 60.0 last month. The report commented on the reading:

May data indicated another sharp increase in UK construction output, although the latest survey suggested that momentum continued to eased from the post-crisis highs seen earlier in the year.

The data was still good for the most part, allowing the sterling to edge higher.
GBP/USD rallied from 1.6745 to 1.6765, reaching the high of 1.6782 intraday, and GBP/JPY advanced from 171.42 to 171.73 as of 9:17 GMT today.

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