The Great Britain pound rallied versus the euro and the Japanese yen yesterday and maintained gains today as the construction sector expanded last month. The currency remained weak versus the US dollar.
The Markit/CIPS UK Construction Purchasing Managersâ Index was at 51.0 in June. It was a bit below the forecast of 51.3, but higher than the May’s reading of 50.8. The data suggested that Britain’s economy is on path of stable growth.
Not everyone believes that Britain’s economic recovery is assured. The British Chambers of Commerce warned about signs of economic weakness:
They are a warning that economic growth could be slow, and a reminder that a sustained upturn cannot be taken for granted.
GBP/USD dropped from 1.5212 to 1.5152 yesterday and traded at 1.5145 as of 1:09 GMT today. At the same time, GBP/JPY rallied from 151.59 to 152.48 before trading at 152.46 and EUR/GBP was near 0.8559 following the drop from 0.8582 to 0.8561 on the previous trading session.
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