News Column

Pound Rises Ahead Of UK Construction PMI

June 3, 2014

BRUSSELS (Alliance News) - The pound rose against the other major currencies in the early European session on Tuesday as traders await UK construction PMI for May due at 4:30 am ET.

The index is expected to rise to 61 in May from 60.8 in April.

The pound rose to a 1-week high of 171.61 against the yen, from an early low of 171.27. The closing quote of yesterday's deals worth at 171.44.

The pound advanced to 6-day highs of 1.5069 against the Swiss franc and 0.8112 against the euro, from early lows of 1.5064 and 0.8127, respectively. The pound closed yesterday's deals at 1.5065 against the franc and 0.8119 against the euro.

Against the US dollar, the pound rose to 1.6768 from an early low of 1.6740 . Thepair closed yesterday's deals at 1.6746.

If the pound extends its rise, it may find resistance around 172.97 against the yen, 1.51 against the Swiss franc, 0.80 against the euro and 1.68 against the greenback.

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Source: Alliance News

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