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Sterling gains after construction survey, Brexit talks loom


Tuesday, 3 July 2018 23:11 WIB

poundSterling,Poundsterling


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The pound rose on Tuesday as risk appetite rebounded and a survey showing decent growth in Britain's construction industry gave sterling some respite from recent gloom about the progress of Brexit talks.

Chinese central bank comments on keeping the yuan stable, as well as broader moves higher for assets such as stocks, boosted currencies across the board including sterling.

The British currency rose as much as 0.4 percent versus the dollar to as high as $1.3207, away from 2018 lows hit last week of $1.3050. It later gave up some of those gains to trade at $1.3180 at 1510 GMT.

The Construction Purchasing Managers’ Index (PMI) picked up to 53.1 in June from May’s 52.5, better than forecast and the fastest rate of growth in seven months. It was the third month in a row that the sector grew after contracting in March.

Versus the euro, sterling strengthened 0.2 percent to 88.40 pence.

Sterling has struggled in recent weeks as worries about whether Britain can secure itself a deal with the European Union before it leaves the bloc next March weigh on the currency.

Source: Reuters


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