BLBG: Pound Extends Advance Against Dollar After U.K. Construction Sector Grows
The pound strengthened, extending its third day of gains versus the dollar, after a report showed the U.K. construction industry returned to growth in January.
Britain’s currency advanced as much as 0.4 percent to $1.6212 before trading at $1.6201 as of 9:40 a.m. in London.
A gauge of building activity based on a survey of purchasing managers rose to 53.7 from 49.1 in December, Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said today in an e-mailed statement in London. The median forecast of 11 economists in a Bloomberg News survey was for a reading of 49.5. A measure above 50 indicates expansion.
To contact the editor responsible for this story: Garth Theunissen at gtheunissen@bloomberg.net
