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GBP/USD Rose to 1.5620 on UK Construction Data; Falls on Firm Dollar

Posted by Chris Advincula on Jul 2, 2015 7:03:00 AM

The pound gains 20 pips to test 1.5620 after the stronger than expected UK June Markit/CIPS Construction PMI of 58.1 to a 4-month high versus the median forecast of 56.3. 

The US dollar however, came in bid in the European mid-morning session, thus pushing the pound back to retrace to 1.5590 as traders speculate a good U.S. Non-Farm Payroll later out today at 12:30 GMT. The median forcast calls for a +230,000 increase in the June payrolls versus +280,000 in May, while the Unemployment rate is expected to decrease to 5.4% from 5.5%

 

GBP.USD.7.2 resized 600

Chart: WorldWideMarkets Alpha Trader

Topics: GBPUSD, cable, Bank of England, forex trading, European Session, Fundamental Analysis, Sterling, BOE

 

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