Economic news

Pound slumps after construction figures

The pound fell on Friday after weak fresh data from the UK construction sector, but was on course for its seventh consecutive week of rise versus the dollar - its best performance since 2012.

Photo: Reuters

British currency dipped to the day’s nadir of $1.4210 after the figures, sliding near a third of a percent on the day. It also lost 0.2 percent versus the euro, to 87.82 pence.

The IHS Markit/CIPS UK Construction PMI slumped to 50.2 in January from 52.2 in December amid rising worries over the UK economic forecast.

Experts consider sterling has been supported recently as several banks called for a rise of Bank of England's interest rate in May.

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