Construction — News Archive

The Great Britain pound rallied today against some of its major rivals, though not against the euro, even as macroeconomic data released in the United Kingdom over the trading session was rather poor.

The euro today rallied higher against the US dollar as investors embraced the risk-on mood in the market after it emerged that  North Korea was considering possible denuclearization. The news emerged from talks between North Korea and its Southern counterpart, and its impact was significant enough to outweigh the effect of the Italian general election on the single currency.

The British pound today traded sideways against the US dollar after the release of the Markit/CIPS UK Construction PMI in the early European session. The pound rallied slightly higher in the mid-European session in risk-off environment as markets reacted to President Trump’s announcement that the US would institute steep tariffs on imported steel and aluminum products.

The euro today declined against the US dollar despite the release of positive German Q4 GDP report, and also ignored the release of positive Eurozone inflation data. The euro extended its decline from the Asian session into the European session following the greenback’s recovery, which started during yesterday’s American session.

Growth of the Australian construction industry accelerated last month, but that provided little support to the Australian dollar, which fell against its major rivals during the Wednesday’s trading session.

The EUR/USD currency pair today traded lower following a resurgence in US dollar demand during the European and early American sessions. The currency pair rallied higher during the Asian session as investors bought the low-yielding euro after European stocks joined the global equities sell-off.

The British pound today declined against the US dollar staring in the early European session after the release of disappointing UK construction data. The pound’s decline gained traction during the early North American session after the release of the US non-farm payrolls report.

The euro was on a downtrend against the US dollar for most of the European session having been in a consolidation phase during the Asian session. The single currency’s decline was largely precipitated by the modest recovery in the US dollar demand.

The British pound fell against most of its major peers on Wednesday following a fresh release that showed a drop in activity within the construction sector in the last month of 2017. The British currency further weakened against the US dollar as traders anticipated the minutes of the last Federal Open Market Committee’s meeting.

The EUR/USD currency pair today slumped to new lows from daily highs set in the late Asian session, despite a raft of positive data from the Eurozone. The release of upbeat German factory orders for the month of October in the early European session could not lift the single currency.