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Pound Euro Exchange Rate Extends Gains As Pound Is Supported By Good UK News
Published: 9 Aug at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, UK, Pound Euro Exchaneg Rate, Pound Dollar Exchange Rate,
Prior to the release of UK construction output and trade balance figures the Pound was holding steady against the Euro and US Dollar after advancing on its rivals yesterday amid improving global economic sentiment and positive UK data.
As the European session began Sterling was trading close to a seven-week high against the US Dollar and in line to record a five-day gain of 1.6 per cent against its safe-haven counterpart.
Before the UK data was published foreign exchange strategist Jeremy Stretch stated: ‘The markets have continued to price in the recovery story, and that’s providing a residual support for Sterling currency.’
The Pound is likely to extend gains in the hours ahead as UK construction output contracted by less than forecast in June. Month-on-month construction was down by 0.8 per cent, rather than the 1.9 per cent anticipated.
Output was up 1.2 per cent on the year, considerably stronger than forecasts for an increase of 0.2 per cent.
Furthermore the UK’s trade deficit narrowed by more than expected in June, falling from 8.7 billion Pounds to 8.1 billion Pounds – its lowest level for 12 months.
The trade report also showed that UK exports increased by almost five per cent to a record 78.4 billion Pounds.
In response to the result one London based economist commented: ‘Net trade performed poorly over 2012 owing to unfavourable external demand and in particular the weakness in the Euro area. However, as economic conditions in the UK’s main trading partners improve gradually this year, we expect the trade deficit to narrow as well.’
These better-than-forecast results will lend the Pound additional support and the GBP/EUR GBP/USD pairings could climb as we head into the weekend.
As the European session began Sterling was trading close to a seven-week high against the US Dollar and in line to record a five-day gain of 1.6 per cent against its safe-haven counterpart.
Before the UK data was published foreign exchange strategist Jeremy Stretch stated: ‘The markets have continued to price in the recovery story, and that’s providing a residual support for Sterling currency.’
The Pound is likely to extend gains in the hours ahead as UK construction output contracted by less than forecast in June. Month-on-month construction was down by 0.8 per cent, rather than the 1.9 per cent anticipated.
Output was up 1.2 per cent on the year, considerably stronger than forecasts for an increase of 0.2 per cent.
Furthermore the UK’s trade deficit narrowed by more than expected in June, falling from 8.7 billion Pounds to 8.1 billion Pounds – its lowest level for 12 months.
The trade report also showed that UK exports increased by almost five per cent to a record 78.4 billion Pounds.
In response to the result one London based economist commented: ‘Net trade performed poorly over 2012 owing to unfavourable external demand and in particular the weakness in the Euro area. However, as economic conditions in the UK’s main trading partners improve gradually this year, we expect the trade deficit to narrow as well.’
These better-than-forecast results will lend the Pound additional support and the GBP/EUR GBP/USD pairings could climb as we head into the weekend.
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Source: moneytransfer.co.uk