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Sterling Climbs as Construction Report Adds to Signs of Recovery

September 13, 2013 at 16:35 by Vladimir Vyun

Close-up of the UK pound noteThe Great Britain pound advanced today, rising to the new high against the US dollar (the strongest level since February), as the construction sector added to evidences of economic growth in the United Kingdom.

The Office for National Statistics reported that monthly construction output increased by 2.2 percent in July from June. The construction sector accounts for 6.3 percent of Britain’s economy. One could expect that traders have gotten used to good reports from the UK, yet positive macroeconomic data still affects the currency.

GBP/USD advanced from 1.5802 to 1.5869 as of 16:33 GMT today, trading neat the highest rate since February 1. GBP/JPY rose from 157.26 to 157.62.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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