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May 7, 2021 - Written by Frank Davies
Pound (GBP) Exchange Rates See Limited Support as UK Construction PMI Slips
The Pound to US Dollar (GBP/USD) exchange rate stumbled slightly on the back of a weaker-than-expected UK construction PMI.
While forecasts had pointed towards the PMI strengthening to 62.3 in April it instead dipped from 61.7 to 61.6, suggesting a slight loss of momentum.
Even so, this still demonstrated a solid month of growth for the construction sector at the start of the second quarter.
As the sector only accounts for a small fraction of the UK gross domestic product, though, the impact of the data ultimately proved limited.