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Forex News: Pound Slides As UK Construction Activity Contracts To

Pound Slides As UK Construction Activity Contracts To A Decade Low

07/02/2019 - 06:11:00 (RTTNews)

(RTTNews) - The pound fell against its key counterparts in the European session on Tuesday, as a data showed that the UK construction sector contracted the most in more than a decade in June.

Survey data from IHS Markit showed that the UK construction PMI fell unexpectedly to 43.1 in June from 48.6 in May. The reading was forecast to rise to 49.2.

The latest reading signaled the steepest reduction in overall construction output since April 2009.

Data from Nationwide Building Society showed that UK house prices increased at a slightly slower pace in June.

House prices rose 0.5 percent year-on-year in June, following a 0.6 percent increase in May. Nonetheless, this was faster than the expected 0.2 percent rise.

The currency has been trading lower against its most major counterparts in the Asian session amid no-deal Brexit worries, as Boris Johnson remained as the favorite to become the U.K.'s next Prime Minister.

The pound dropped to near a 2-week low of 1.2611 against the greenback, after rising to 1.2648 at 6:30 pm ET. The next possible support for the pound is seen around the 1.24 level.

The pound depreciated to a 4-day low of 136.48 against the yen from yesterday's closing value of 137.05. The pound is seen finding support around the 133.00 region.

Data from the Bank of Japan showed that Japan monetary base rose 4.0 percent on year in June - coming in at 512.991 trillion yen.

That follows the 3.6 percent increase in May.

The pound reached as low as 0.8957 against the euro, down from a weekly high of 0.8920 hit at 5:00 pm ET. On the downside, 0.92 is possibly seen as the next support level for the pound.

Data from Destatis showed that Germany's retail sales grew at a slower rate in May.

Retail sales climbed 4.0 percent year-on-year in May, after a 4.6 percent increase in April. Economists had forecast a 2.7 percent rise.

On the flip side, the pound held steady against the franc, after having retreated to 1.2451 at 3:15 am ET. This follows near a 2-week high of 1.2494 set at 2:45 am ET. If the pound extends decline, 1.23 is possibly seen as its next support level.

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