London, England -- (SBWIRE) -- 04/15/2011 -- City Index (http://www.cityindex.co.uk/) has a wealth of experience in spread betting and CFD trading. Here, the company gives an overview of financial activity on 2nd March 2011.
Sterling has received a boost during trading today (March 2nd) thanks to the release of the Markit/Chartered Institute of Purchasing and Supply (CIPS) UK Construction Purchasing Managers' Index (PMI), it has been said.
The pound proved its worth against the US dollar, with an 11:01 GMT Reuters report noting that sterling reached a session high of approximately $1.6319, 0.3 per cent up on the day.
It stated that sterling rallied during trading after the PMI report revealed better-than-expected construction activity in the UK.
Last month, UK construction PMI stood at 56.5, an increase from January's 53.7. It also marked the highest seen in eight months.
The surge in activity was mainly backed by new business growth and the rate of expansion soared for the third month in a row.
Commenting on the study, CIPS chief executive officer David Noble said: "The situation is still fragile, however, considering the likely impact of government cuts. Concern about the level of bank lending is also having a negative impact on confidence."
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