EURGBP Pushes Higher After Weaker UK Construction PMI

The pound extended its losses against the euro after a gauge of U.K. construction growth unexpectedly slowed to the weakest in a year in August.Sterling was set to reverse its gains made Friday versus the euro. The British currency has been buffeted by a lack of progress in Brexit negotiations between the U.K. and the European Union. The third round ended in stalemate last week, spurring doubts that the two sides would be ready to discuss a trade deal any time soon. Markets will keep an eye on politics with the U.K. House of Commons reconvening on Tuesday after its summer recess.

Source: Pound Extends Loss Versus Euro as U.K. Construction Growth Slows – Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.