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Forex - GBP/USD trims gains on U.K. construction data

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Investing.com -

Investing.com - The pound trimmed gains against the U.S. dollar on Tuesday, weighed by the release of disappointing U.K. construction data, although sentiment on the greenback still remained vulnerable.

GBP/USD pulled away from 1.6782, the session high, to hit 1.6763 during European morning trade, still up 0.09%.

Cable was likely to find support at 1.6693, the low of May 29 and resistance at 1.6816, the high of May 28.

Markit research group said the U.K. construction purchasing managers' index ticked down to a seven-month low of 60.0 in May, from a reading of 60.8 the previous month. Analysts had expected the index to remain unchanged last month.

The report came a day after Markit said the U.K. manufacturing PMI fell to 57.0 this month, from a reading of 57.3 in May, in line with expectations.

Meanwhile, the dollar remained under pressure after the Institute of Supply Management reported on Monday that its manufacturing purchasing managers' index ticked down to 53.2 in May, from a reading of 54.9 the previous month, confouding expectations for a rise to 55.5.

Sterling was little changed against the euro, with EUR/GBP dipping 0.04% to 0.8117.

Also Tuesday, official data earlier showed that the number of unemployed people in Spain dropped by 111,900 last month, compared to expectations for a 112,300 decline, after a 111,600 fall in April.

Later in the day, the U.S. was to produce data on factory orders.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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