Sterling posts losses against the US dollar
Sterling has had a poor run over the lat few days against the US dollar having fallen four cents in the last 10 days – cable is now trading at a near three week low.
Sterling has been on the back foot this morning following poor UK PMI construction figures that posted a reading of 48.1 against a forecasted figure of 50.8 and down from last months posting of 51.1.
These figures are released by the Chartered Institute of Purchasing and Supply and are used as a key indicator of growth within the UK construction sector. A reading above 50 signifies growth and anything below indicates a contraction, therefore this mornings negative reading has lead to a fall in value for the pound.
Looking ahead at the rest of the day and should you have an interest in the US dollar then look out for a speech from Fed member Powell at 13:30 ahead of a key speech from the head of the Federal Reserve Janet Yellen tomorrow evening. Again any clues as to future monetary policy for the Fed and the US and we could see further moves for the dollar.
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