Forex: GBP/USD slumps to one-month low

on Jul 2, 2013
Listen Tuesday July 2nd:_ Sterling has slumped against the US dollar during late European trading today, with the current price of 1.5135 the lowest rate of exchange for the pair since May 31.

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The greenback is still supported by the ever-present speculation these days that an end is in sight for fiscal stimulus in the US, with attendant increase in bond yields.

The UK Purchasing Managers Index – Construction for June came out earlier today showing expansion for a second straight month, boosted by government housing market initiatives and consistent with upbeat indicators pointing to a healthy economic performance during the second quarter of the year.
The index for June rose to 51.0, up from May’s 50.8 and its highest level since May 2012.

Markit senior economist Tim Moore observed: “June’s construction data is one of the final pieces in the puzzle when it comes to survey evidence for second-quarter U.K. economic performance. House building remains the mainstay of growth, helped by government incentive schemes, while it was also encouraging to see civil engineering and commercial building stabilize after protracted declines in 2013 so far.“

In the United States at 13.55 BST, the Redbook Index was released with annual and monthly readings for the week ended June 23.
Year-on-year, the index showed a rise to 2.9 percent from 2.8 percent in the prior week and on a monthly basis the index matched the prior week’s 0.5 percent fall.
According to the accompanying report, sales were supported by Independence Day promotions, while rising temperatures had shoppers out looking for warm-weather apparel.


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