Pound Little Changed Versus Dollar Before U.K. Construction Data The pound was little changed against the dollar and euro before a report that economists said will show U.K. construction expanded for a second month. A Markit Economics and the Chartered Institute of Purchasing and Supply gauge of the building industry rose to 51.2 in June from 50.8 the previous month, according to the median estimate of 16 analysts surveyed by Bloomberg. Data yesterday showed manufacturing output expanded last month. The U.K. Debt Management Office is scheduled to auction 3.5 billion pounds ($5.3 billion) of bonds due in 2023 today. The pound traded at $1.5210 as of 7:17 a.m. London time. It fell to $1.5166 on June 28, the lowest since May 31. Sterling was at 85.88 pence per euro after reaching 85.94 pence, the weakest level since May 30. Sterling has strengthened 4.2 percent in the past three months, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-market currencies. The euro gained 5.6 percent and the dollar climbed 3.4 percent. The U.K. last sold 10-year debt on June 11 at an average yield of 2.365 percent. That was the highest at auction since December 2011 and compares with a record-low 1.719 percent set at a sale on July 12, 2012. Gilts handed investors a loss of 3.2 percent this year through yesterday, according to Bloomberg World Bond Indexes. German bonds dropped 1.6 percent and Treasuries declined 2.8 percent, the indexes show.
Posted on: Tue, 02 Jul 2013 06:47:53 +0000
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