The Great Britain pound gained against its major rivals during the current trading session, but the gains were limited as traders remained worried about issues with global economy. This made them seek safer currencies.
The sterling has some appeal as a haven from troubles in the continental Europe, but that appeal is diminished by uneven economic growth in Great Britain itself. Without stable economic expansion, the UK currency is not as attractive in its role of a refuge as more traditional safe currencies like the yen. Talking UK economic indicators, data about construction output released today demonstrated an increase of 1.5 percent in December — a better reading than the November’s drop by 1.1 percent but not as good as analysts had promised (a gain by 2.1 percent).
GBP/USD rose from 1.4476 to 1.4539 as of 12:03 GMT today. EUR/GBP dropped from 0.7821 to 0.7757.
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