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British pound reaches day's minimum versus euro after UK PMI data
On Tuesday, the British pound sank to the day’s minimum versus the common currency after data unveiling that activity in the British construction sector tumbled for the first time for 13 months in September drove concerns that the UK economy’s losing momentum.
The common currency EUR/GBP slumped 0.2% hitting 0.8854.
As financial data firm Markit states, its construction purchasing managers’ index dived to 48.1 in September versus August’s reading of 51.1.
House building surge decreased to a six-month minimum, while civil engineering work slumped at its fastest tempo since April 2013.
Construction companies faced a sag in workloads mainly because of bad confidence and low risk appetite among customers, especially in the commercial building sector. That’s what the report unveiled.
Uncertainty as for the path to Brexit also appeared to be a crucial factor in this slowdown.
The British pound was still lower versus the firmer greenback reacting to the report.
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