Pound Slides As U.K. Construction Output Growth Eases
04 Agosto 2015 - 6:26AM
RTTF2
The British pound weakened against the other major currencies in
the Asian session on Tuesday, after data showed that U.K.
construction sector growth slowed unexpectedly in July.
Data from the Markit/Chartered Institute of Procurement &
Supply showed that U.K. construction Purchasing Managers' Index
fell to 57.1 in July from June's four-month high of 58.1. It was
forecast to rise to 58.5.
Traders await the Bank of England's quarterly inflation report
and rate decision, both on Thursday and U.K. trade data for June on
Friday for more clues about the economy.
In the Asian trading today, the pound held steady against its
major rivals.
In the European trading now, the pound fell to 1.5569 against
the U.S. dollar and 193.09 against the yen, from early highs of
1.5617 and 193.55, respectively. If the pound extends its
downtrend, it is likely to find support around 1.54 against the
greenback and 191.00 against the yen.
Against the euro and the Swiss franc, the pound dropped to
0.7038 and 1.5067 from early highs of 0.7012 and 1.5128,
respectively. On the downside, 0.71 against the euro and 1.48
against the franc are seen as the support levels for the pound.
Looking ahead, U.S. factory orders for June and Canada
manufacturing PMI for July are slated for release in the New York
session.
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