Sterling falls ahead of British construction data

Monday, 2 July 2018 15:47 WIB



Sterling traded near eight-month lows against the dollar on Monday as investors awaited data on the construction sector and a cabinet meeting later in the week in which British ministers will try to agree on a common position on Brexit.

The pound has been weighed down recently by a resurgent U.S. dollar, weakness in the economy and fears that Prime Minister Theresa May will run out of time to agree a deal with the European Union for life after Britain leaves the bloc next year.

The currency has slumped more than 6 percent since April, its worst quarter since the June 2016 vote to leave the EU.

By 0810 GMT the pound was down 0.4 percent at $1.3155. In June it fell to $1.3050, its lowest level since November.

Economists polled by Reuters expect the Markit/CIPS construction Purchasing Managers' Index to show a reading of 54 for June when the data comes out at 0830 GMT.

A series of corporate warnings last week about the effect on Britain's economy if a Brexit deal is not agreed soon has lowered expectations of a Bank of England interest rate rise this summer.

Source : Reuters


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