Pound Gains, Disregarding Deteriorating Construction Sector

The Great Britain pound managed to carve out gains during the Monday’s trading session even though Britain’s construction sector logged an unexpected decline in June. The currency has trimmed its gains but is trading above the opening level at the present time.
The Markit/CIPS UK Construction Purchasing Managers’ Index tanked from 51.2 in May to 46.0 in June. The actual figure was far below the 50.6 reading predicted by analysts. The reading below 50.0 indicates contraction of the sector, the first one since April 2013 and the biggest since June 2009.
GBP/USD was up from 1.3243 to 1.3294 as of 17:01 GMT today but retreated from the daily high of 1.3340. GBP/JPY traded at 136.26 after opening at 135.84 and touching 136.79 intraday.

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