Forex Update

GBP/USD Sinks after Negative Data Stream

The Cable is reacting negatively to the negative unemployment data points from both the U. S. and EU. Additionally, Britain's construction PMI contracted from its previously release, coming in below analyst expectations.

The positive sentiment the Pound has garnered over the past couple months has been dented by the disappointing GDP and current account data released earlier this week. Additionally, we've recently seen key British data points, such as today's construction PMI number, take a step back from their recovery uptrend.