The Pound is holding its ground against the Euro and is holding steady against the US Dollar and a number of its most traded peers as a string of positive data releases supports the view that the UK is making a sustained recovery.
Following on from Mondays business confidence data which rose to a six-year high and the latest Purchasing Managers Index (PMI) for Manufacturing which came in at a two-year high was Tuesdays Construction PMI.
Rob Dobson, a senior economist at Markit, said: “The UK manufacturing sector made positive strides on the recovery path during the second quarter of the year. June saw output and new order growth hit rates not seen since early-2011, as a brightening domestic market and resilient overseas demand led to a broad-based expansion across the sector.
The data showed that construction in the UK grew for a second consecutive month in June reinforcing the expectation that the economy picked up speed in the second quarter of 2013.
According to Markit/CIPS construction PMI the amount of construction rose to 51.0, its highest level since May 2012 and up from the 50.8 level measured in May. The data was slightly below expectations but will still be a boost for the UK economy. Any figure above 50 marks expansion.
The increase was caused by the UK governments increased focus on building new residential property to bolster the economy. Commercial construction and civil engineering projects also stabilized after seeing contraction for the previous few months.
“The improvement in overall construction output simultaneously raises chances of strong second-quarter UK GDP growth, and reduces the likelihood of imminent additional policy stimulus from the Bank of England,” said Tim Moore, a senior economist at Markit.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5196 <
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1662 <
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6531 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9504
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8570 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6047 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5128 >
(As of 10:20 am GMT)
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