Economic news

Pound steady after strong UK construction data

Sterling gained on Tuesday as a recovery in risk appetite underpinned the currency after a fresh data showed Britain’s construction industry grew at the fastest pace in June in seven months.

Photo: Reuters

The pound edged 0.4 higher against the dollar to $1.3196, climbing from 2018 trough touched last week of $1.3050. Against the euro it firmed 0.2 percent to 88.44 pence.

Markit’s construction PMI rose to 53.1 from May’s 52.5, above forecast. It was the third straight month that the sector expanding after contracting in March.

The British currency has fluctuated in recent weeks as concerns over Britain's ability to reach a deal with the European Union before it departs from the bloc next March hit sterling.

On Monday it slid, shrugging off relatively solid factory survey data as traders remained anxious due to an upcoming Brexit cabinet meeting later this week.

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