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Sterling hit a ten-day low against the dollar on Tuesday after data showed growth in Britain’s construction industry slowed sharply in April, just two days before a national election that looks unlikely to hand any party an overall majority.
The monthly purchasing managers’ index (PMI) for the UK construction sector fell to 54.2 last month, its lowest level in 22 months, and below all forecasts in a Reuters poll. It followed a similarly weak reading of Britain’s manufacturing sector.
Sterling fell to $1.5088 after the data’s release, from $1.5124 beforehand, and last traded at $1.5094, down 0.2 per cent on the day.
Against the euro, which was weaker across the board, the pound gave up some of its gains to trade at 73.33 pence from 73.20 pence before the data, leaving it up 0.6 per cent on the day.
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