The Great Britain pound dropped today even though macroeconomic data released in the United Kingdom over the current sessions was good.
The IHS Markit/CIPS UK Construction PMI climbed from 53.1 in April to 56.0 in May, which was a far better result than a drop to 52.7 predicted by analysts. The report followed yesterday’s release of the IHS Markit/CIPS UK Manufacturing PMI, which showed a small decrease to 56.7 in May from the April’s three-year high of 57.3.
Yet apparently, markets focused their attention on the upcoming general election, and thus the positive data did not help the sterling.
GBP/USD slid from 1.2879 to 1.2853 as of 11:20 GMT today. EUR/GBP gained from 0.8701 to 0.8724.
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