020 7898 0500Yesterday was again positive for sterling as the economic data from the country continued to beat expectations. This time it was the construction sector’s turn, with the Purchasing Manager Index (PMI) coming in comfortably above the anticipated level. As a result, sterling again managed to enjoy solid gains, particularly against the US dollar as it headed back towards yesterday’s two and a half year highs. Sterling also made ground against the euro, although this retraced later on to remain little changed over the day, but nonetheless holding on to the recent strong levels. Today, the final instalment of the PMI series is due, as the services sector (making up nearly 70% of the UK’s output) brings its showing to the table. A repeat of the last two days would be liable to give the British currency another boost, while poor figures could damage sterling’s recent form. Call your trader now for the latest sterling rates, as it continues to ride high.
