Pound Rallies After Construction PMI, Struggles to Keep Gains

The Great Britain pound rose today as Britain’s construction Purchasing Managers’ Index climbed last month, exceeding analysts’ expectations. The rally was not big, though, and the currency is struggling to keep its gains.
The seasonally adjusted Markit/CIPS UK Construction PMI climbed from 54.2 to 55.9 in May, versus the median forecast of 55.1. The currency had jumped after the report but has retreated afterwards, though the sterling is trying to resume its rally right now. The Bank of England will conduct a policy meeting on June 4th, yet it is likely to have a limited impact on the currency as the central bank usually does not release a detailed statement about its decision.
GBP/USD rose from 1.5199 to 1.5277 as of 13:08 GMT today. GBP/JPY rallied from 189.63 to 190.24.

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