Sterling falls thanks to low data – can today’s figures swing this around?

Sterling continued to cede ground on Wednesday following the release of further disappointing purchasing managers’ index (PMI) data, this time from the construction industry. Following a tough start to the week, sterling did slow the rate of the losses it has been experiencing as data confirmed that the construction sector grew throughout April at the slowest pace for almost 3 years. Sterling fell to the lowest level in a week against the US dollar on the back of this data, whilst setting a fresh three-week low versus the euro.

Today sees the release of the key services PMI data which will be the most influential of these PMI figures. Strong growth in this sector could be enough to turn around sterling’s recent poor run. Anything less than expectation could have the opposite effect.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.