Pound edges higher before construction survey data

The pound is bouncing back from recent struggles. (Reuters pic)

LONDON: The pound rose on Tuesday as traders prepared for construction survey data due shortly, with expectations it will show a steady pace of growth following decent numbers from the manufacturing sector earlier this week.

Chinese central bank comments on keeping the yuan stable, as well as broader moves higher for risk assets such as stocks, also boosted currencies across the board, including the pound.

The Construction Purchasing Managers’ Index is forecast to come in at 52.5 for June, in line with the previous month.

The pound has struggled in recent weeks as worries about whether the UK can secure itself a deal with the European Union before it leaves the bloc next March weigh on the currency.

On Monday, it fell despite the relatively robust manufacturing survey data as investors worried about a looming Brexit cabinet meeting later this week.