Detrimental Fundamentals Don’t Deter Pound from Rising

Lately, macroeconomic fundamentals were detrimental to the Great Britain pound, but that did not prevent the currency from ending Friday with gains. In fact, the sterling reached the highest level since September 2008 against the Japanese yen.
UK construction output unexpectedly decreased by 0.8 percent in April from March following the drop by 1.4 percent during the previous reporting period. The House Price Balance reported by the Royal Institution of Chartered Surveyors rose a little to 34 percent in May but was still slightly below the market expectations of 35 percent. Despite the unfavorable indicators, the sterling pushed higher during the last trading day of this week.
GBP/USD rose from 1.5517 to 1.5560 and GBP/JPY gained from 191.54 to 191.99 yesterday.

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