Pound Falls As U.K Construction Sector Contracts
03 Oktober 2017 - 07:44AM
RTTF2
The British pound weakened against other major currencies in the
European session on Tuesday, after data showed that the U.K.
construction sector contracted in September on weak new work.
Data from IHS Markit showed that the U.K. IHS Markit/Chartered
Institute of Procurement & Supply construction Purchasing
Managers' Index fell to 48.1 in September from 51.1 in August. The
reading was expected to remain unchanged at 51.1.
The score was below the 50-change threshold for the first time
in 13 months. The latest reading signaled the fastest decline in
overall construction output since July 2016.
In the Asian trading today, the pound held steady against its
major rivals.
In the European trading, the pound fell to 1.3245 against the
U.S. dollar, from an early high of 1.3288. This may be compared to
an early near 3-week low of 1.3229. The pound is likely to find
support around the 1.31 region.
Against the euro and the yen, the pound dropped to 0.8865 and
149.76 from early highs of 0.8822 and 150.24, respectively. If the
pound extends its downtrend, it is likely to find support around
0.90 against the euro and 146.00 against the yen.
The pound edged down to 1.2923 against the Swiss franc, from an
early 4-day high of 1.2984. On the downside, 1.26 is seen as the
next support level for the pound.
Looking ahead, at 8:30 am ET, Federal Reserve Governor Jerome
Powell is expected to speak about regulatory reform at a financial
regulation event jointly hosted by Reuters and George Washington
University, in Washington DC.
At 12:30 pm ET, the Bank of Canada Deputy Governor Sylvain Leduc
is scheduled to speak about Canadian business creation and
productivity at the Sherbrooke Chamber of Commerce, in Quebec.
German banks will be closed in observance of German Unity Day
holiday.
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