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Sterling edges up

FOREX_sterling-edges-up0406_FXPIG

Sterling was on track for its fourth consecutive day of gains against the dollar on Monday as traders paused ahead of a survey of Britain’s construction sector.

At 0755 GMT, the pound was up by 0.2 percent at $1.3376 amid broad dollar weakness.

Sterling traded down 0.2 percent at 87.53 pence against a resurgent euro.

The single currency rallied on relief among investors that the new coalition government in Italy does not intend to head back to snap elections or exit the euro.

Investors are scrutinising business surveys to try to get a sense of whether the UK economy is picking up in the second quarter after a sluggish start to 2018.

A purchasing managers’ index (PMI) for the construction sector was expected to show activity at 52 for May, according to analyst expectations, down marginally on the previous month.

The pound languished near a six-month low of $1.3205 for much of last week, curtailed by weakness in the UK economy and influenced by non-UK factors including new U.S. trade tariffs.

On Friday, however, it recorded its biggest daily gain in eight weeks after data showed UK manufacturing growth picking up speed in May.

Source: reuters.com

Sterling was on track for its fourth consecutive day of gains against the dollar on Monday as traders paused ahead of a survey of Britain’s construction sector.

At 0755 GMT, the pound was up by 0.2 percent at $1.3376 amid broad dollar weakness.

Sterling traded down 0.2 percent at 87.53 pence against a resurgent euro.

The single currency rallied on relief among investors that the new coalition government in Italy does not intend to head back to snap elections or exit the euro.

Investors are scrutinising business surveys to try to get a sense of whether the UK economy is picking up in the second quarter after a sluggish start to 2018.

A purchasing managers’ index (PMI) for the construction sector was expected to show activity at 52 for May, according to analyst expectations, down marginally on the previous month.

The pound languished near a six-month low of $1.3205 for much of last week, curtailed by weakness in the UK economy and influenced by non-UK factors including new U.S. trade tariffs.

On Friday, however, it recorded its biggest daily gain in eight weeks after data showed UK manufacturing growth picking up speed in May.

Source: reuters.com

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