Forex News
April 3, 2013 @ 11:49 am

British pound falls after weak UK construction data

The British pound fell sharply versus the dollar after a report indicated that construction activity in the United Kingdom contracted in March for a third consecutive month.

Construction PMI edged up to 47.2 in March, missing estimates of a 47.5 increase, though higher than February’s 46.8.

However this number is below the 50 level that separates expansion from contraction.

GBPUSD dropped to around $1.5093 after the data from $1.5116 before the data. It was last steady on the day at $1.5105.

Sterling had risen slightly in anticipation of the data at 0830GMT because of expectations the  numbers would be above forecasts. These rumours appeared to be incorrect.

Market focus now shifts to the Bank of England policy meeting on Thursday.

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