Currency Note Sterling

Good data supports sterling

By Smart Currency November 5th, 2013

Sterling started yesterday in positive fashion making solid gains against the majority of its major trading partners following the news that the construction sector grew at the fastest rate in 6 years. The figures released showed that the construction Purchasing Managers Index (PMI) came in at 59.4 when only a reading of 58.9 had been anticipated. More positivity came as the Confederation of British Industry (CBI) raised their growth forecast for the UK suggesting the UK will grow at 1.4% this year and 2.4% in 2014 (up from 1.2% and 2.3% respectively). Today the services sector – which makes up more than 70% of the UK’s output – will release its PMI figures with current marker estimates suggesting we will see a market expansion figure of 60.4. Call in now for the latest prices and up-to-date market information.