The Great Britain pound attempted to rally today after a positive report about the construction sector but was unable to hold onto gains, falling to the lowest level in three weeks against the US dollar.
The Markit/CIPS UK Construction Purchasing Managersâ Index rose a little from 64.0 in August to 64.2 in September instead of falling as was predicted by experts. Investors remained unconvinced by the positive data as most other economic indicators have been not nearly as good. Additionally, traders were pricing in no policy change from the European Central Bank, making the sterling less appealing as a haven from Europe’s problems.
GBP/USD fell from 1.6183 to 1.6147 as of 12:28 GMT today after rising to 1.6250 earlier. GBP/JPY advanced from 176.24 to 176.65 before pulling back to 175.61 later.
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