Sterling is a little lower against the euro today, following lower construction data. However, the pound is quickly overcoming some of its losses and the overall strengthening trend for the currency doesn’t appear to be very diminished.
The latest construction PMI data out of the United Kingdom came in lower than expected. As a result, the sterling has dropped slightly against the euro. However, other than that minor disappointment, the UK pound hasn’t been much affected in its relationships to other major currencies.
There is still a good amount going for the UK economy right now. Things seem to be picking up, and there is evidence that members of the Bank of England’s Monetary Policy Committee are getting ready to allow interest rates to rise.
Overall, there seems to be a trend toward strength for the UK pound, and that hasn’t been disrupted by the slightly disappointing data recently received. Indeed, there is a good chance that sterling will even erase its earlier losses to the euro today and come out ahead.
At 12:45 GMT EUR/GBP is slightly higher, at 0.7027 from the open at 0.0725. GBP/USD is moving up to 1.5614 from the open at 1.5587. GBP/JPY is also higher, moving up to 193.5760 from the open at 193.3550.
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