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According to Reuters, the pound has moved back to around its 13-month high level of $1.6330 after hitting a session high of $1.6319.
Sterling was boosted following the announcement of construction data, which managed to beat predictions.
The figures revealed British construction increased at its quickest pace in eight months in February with the headline activity index up to 56.5 in the month from 53.7 in January.
Michael Hewson, analyst at CMC Markets, stated that along with manufacturing, construction accounts for around 20 per cent of the gross domestic product.
He added: "If services PMI [purchasing managers' index] also comes in above expectations tomorrow, we can assume the economy is more resilient than we gave it credit for."
This comes after the pound increased against its US counterpart by 30 pips earlier this morning.
Posted by Greg Secker
