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Sterling edged lower to 1.5285. Little change from UK Construction Data.

Posted by Chris Advincula on Jun 4, 2013 7:07:00 AM

June 4 Tuesday 11:10 GMT

LONDON - The pound edged lower and traded in a narrow 43 point range in Europe with the high being 1.5325 and the low 1.5282 as the dollar gained some momentum. Euro-sterling rose 36 points to 0.8558 from 0.8522 and added some pressure to the pound.

The U.K. Construction PMI rose 50.8 in May slightly above the median forecast of 49.8. The previous month was 49.4 in April. Cable rose from 1.5296 to 1.5320. The initial reaction of the pound was a temporary uptick of the rate to 1.5320 from 1.5296.  Trading was otherwise quiet ahead of the New York session. 

 

Chris Advincula

WorldWideMarkets

 

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Chart: FXTrek.com


 

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