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Pound Ignores Supportive Construction Data

January 5, 2016 at 11:40 by Vladimir Vyun

Focus on 5-pound noteThe Great Britain pound fell today, extending its decline versus the US dollar for the sixth consecutive trading session. The construction report released from the United Kingdom today was solid, but the currency shrugged off the supportive data. At the same time, the sterling managed to outperform the extremely soft euro.

The Markit/CIPS UK Construction Purchasing Managers’ Index bounced to 57.8 in December up from the seven-month low of 55.3 in November. The actual reading exceeded the consensus forecast of 56.1. Yet it did little to help the sterling that continued to fall against its major rivals. At least, the pound was able to gain on the vulnerable euro that was even weaker than Britain’s currency.

GBP/USD declined from 1.4711 to 1.4675 as of 11:39 GMT today, trading near the lowest level since April. Meanwhile, EUR/GBP moved lower from 0.7358 to 0.7329.

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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