Sterling trimmed earlier losses against the dollar and euro on Tuesday after a survey showed growth in Britain’s construction sector rebounded unexpectedly in January after a slow end to 2014.
The monthly construction purchasing managers’ index (PMI) rose to 59.1 from December’s 17-month low of 57.6, topping all forecasts in a Reuters poll and far above the 50 mark that signifies growth.
Sterling pared losses to trade at $1.5020 after the data, up from $1.4999 before its release but still down 0.1 per cent on the day and close to an 18-month low of $1.4952.
Against the euro, the pound cut losses to trade at 75.425 pence, flat on the day, from around 75.485 pence before the survey's release.
Britain’s FTSE 100 remained 1.3 per cent higher after the data.