The Pound Sterling touched a 2-week peak versus the US Dollar which analysts say was broadly weakened after the latest polls showed that the Republican candidate for president was closing the gap with his Democratic rival. The Pound did get a solid lift and gained nearly 1% this week on the news that Mark Carney, the Governor of the Bank of England, would be extending his tenure to 2019. That gave investors some reassurance, especially given the worries of a “hard” Brexit.
As reported at 9:40 am (GMT) in London, the GBP/USD was trading at $1.2267, up 0.19%; the pair has ranged from a session trough of $1.2218 to a peak of $1.2284, which was the pair’s highest price since October 20th. The EUR/GBP was trading at 0.9036 Pence, a gain of 0.01% for the Euro.
UK PMI Construction Upbeat
The Pound Sterling is also getting a lift from the latest economic data. Markit Economics reported the results of its latest survey of PMI Construction managers and it showed a rise in the reading to 52.6 in October, up from September’s 52.3 and well above the consensus estimate of a fall to 51.8. Yesterday, the PMI Manufacturing came in at 54.3, above the threshold signaling expansion but below analysts’ forecasts.