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The pound rises for a second day in a row
Published: 19 Jul at 10 AM Tags: Pound Sterling, Canadian Dollar Exchange Rate, UK, Economy,
The pound rose against the majority of the sixteen most actively traded currencies in the world for a second day in a row yesterday.
On Wednesday, better than expected UK employment data and a hint by the Bank of England of the termination of its long running asset buying program, commonly known as Quantitative Easing did the trick.
Yesterday, it was the turn of better than expected UK retail sales. The Office for National Statistics reported that UK retail sales rose by 0.2% in June from the month before and by 2.2% from a year earlier.
The ONS reported a rise in UK retail sales in May of 2.1% so this latest data will only serve to add to hopes of a UK economic revival.
In the US, credit ratings agency Moody's upgraded its outlook for the US credit rating yesterday, citing a declining budget deficit.
The agency lifted its outlook from negative to stable and re-affirmed the country's AAA credit rating.
Of interest, it also said the US economy was growing at a "faster rate compared with several AAA" peers and has demonstrated a "degree of resilience" to major reductions in the growth of government spending.
It also expects the US budget deficit to continue to shrink further over the course of the next few years.
The Congressional Budget Office has recently reported that the budget deficit is likely to decline from a figure of 7% of gross domestic product (GDP) in 2012 to 4% in 2013.
Moody’s also added in its report that growth forecasts for the US economy for the next few years were "close to the long-term average for the decades before the financial crisis".
Only last month, another ratings agency, Standard and Poor's (S&P) also raised its credit outlook for the US economy from negative to stable.
The better news out from the world’s two biggest economies, the US and China this week has helped boost sentiment in the markets. Last night, both the Dow Jones and S&P500 indices in New York finished at all time record highs.
Oil prices closed last night at their highest levels since March 2012.
On Wednesday, better than expected UK employment data and a hint by the Bank of England of the termination of its long running asset buying program, commonly known as Quantitative Easing did the trick.
Yesterday, it was the turn of better than expected UK retail sales. The Office for National Statistics reported that UK retail sales rose by 0.2% in June from the month before and by 2.2% from a year earlier.
The ONS reported a rise in UK retail sales in May of 2.1% so this latest data will only serve to add to hopes of a UK economic revival.
In the US, credit ratings agency Moody's upgraded its outlook for the US credit rating yesterday, citing a declining budget deficit.
The agency lifted its outlook from negative to stable and re-affirmed the country's AAA credit rating.
Of interest, it also said the US economy was growing at a "faster rate compared with several AAA" peers and has demonstrated a "degree of resilience" to major reductions in the growth of government spending.
It also expects the US budget deficit to continue to shrink further over the course of the next few years.
The Congressional Budget Office has recently reported that the budget deficit is likely to decline from a figure of 7% of gross domestic product (GDP) in 2012 to 4% in 2013.
Moody’s also added in its report that growth forecasts for the US economy for the next few years were "close to the long-term average for the decades before the financial crisis".
Only last month, another ratings agency, Standard and Poor's (S&P) also raised its credit outlook for the US economy from negative to stable.
The better news out from the world’s two biggest economies, the US and China this week has helped boost sentiment in the markets. Last night, both the Dow Jones and S&P500 indices in New York finished at all time record highs.
Oil prices closed last night at their highest levels since March 2012.
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Source: moneytransfer.co.uk