Prior to the release of UK construction output and trade balance figures the Pound dipped against the Euro and was trading in the region of a two-week low against the US Dollar. Although Sterling gained on its peers yesterday after the Bank of England’s rate announcement, widespread Dollar buying caused the currency to soften slightly as the European session began.
The Pound Sterling Exchange Rate was in the region of 0.8433 against the Euro as of 10:25 GMT
The latest figures show that UK construction output plummeted to its lowest level since 1998 in the first quarter of this year after declining by 2.4 per cent from the fourth quarter of 2012. This drop was slightly better than the estimated 2.5 per cent slump published in April, but will have no impact on Q1 GDP.
Year-on-year, construction output was down by 7.4 per cent in March after posting a smaller-than-predicted month-on-month increase of 12.1 per cent.
Meanwhile, separate figures compiled by the Office for National Statistics showed that the UK’s goods trade deficit narrowed in March, easing from February’s 9.165 billion Pounds to 9.056 billion – close to economist’s predictions.
The report also detailed a decrease in the UK’s deficit with non-EU nations. The reduction from 4.208 billion Pounds to 3.470 billion was better than economists’ expected.
Although British exports were shown to have increased by 5 per cent in March month-on-month, they were down by 1.2 per cent in the first quarter compared with the same period of 2012.
After the data was published the Pound strengthened modestly against the Euro but weakened slightly against a bullish US Dollar.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5415 <
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1854 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.5367 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.8492 >
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6487 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8433 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6503 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5404 >
(As of 10:25 GMT)
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