Pound Declines for a Sixth Day Before U.K. Construction Report

04/02/2014 12:18 AST

The pound dropped for a sixth day against the dollar, the longest run of declines in more than a year, before a report economists said will show a gauge of U.K. construction slowed last month.

The U.K. currency touched a seven-week low against the greenback. An index of U.K. construction output, based on a survey of purchasing managers, slipped to 61.5 last month from 62.1 in December, according to the median estimate in a Bloomberg News survey of analysts. A reading above 50 indicates growth. U.K. government bonds were little changed before the Debt Management Office auctions 4 billion pounds ($6.5 billion) of gilts due in July 2019 today.

The pound fell 0.1 percent to $1.6288 at 8:30 a.m. London time after touching $1.6257, the lowest since Dec. 17. The six-day drop is the longest since the period ending Jan. 21, 2013. The U.K. currency was little changed at 82.91 pence per euro.

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