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The pound enjoys another good day on the exchanges
Published: 11 Sep at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Euro Crisis, UK, Economy,
The pound found further support yesterday, taking it to a new 8 month high against the euro and a 3 month high against the US dollar.
The Royal Institution of Chartered Surveyors (Rics) reported yesterday that UK house prices rose at their fastest pace in almost seven years in August and sales volumes also hit a multi-year high.
Rics said “Momentum is increasingly broad-based across the country: this isn’t just a London story. The average numbers of sold properties and properties for sale also rose strongly, suggesting sellers who had been biding their time were putting their house on the market.”
The euro came under pressure yesterday as Italy, the third biggest economy in the euro zone marked a second full year of recession after its National Institute of Statistics (Istat) reported that Italian gross domestic product (GDP) for the second quarter declined by 2.1%in 2013 compared to a year earlier, even worse than the initial prediction of a 2% year-on-year contraction.
The European Commission forecasts a 1% contraction for Italy in 2013.
Ahead of today’s 12th anniversary of the 9/11 attacks on New York’s twin towers, the US dollar made gentle headway against the majority of its peers as investors continue to mull over the prospects for Fed action at their monthly meeting next week and the latest diplomatic efforts on Syria.
Demand for the dollar was only subdued by the very strong data out of the world’s second largest economy, China which gave rise to a new bout of risk appetite to the benefit of the high yielding currencies like the Australian dollar.
The Royal Institution of Chartered Surveyors (Rics) reported yesterday that UK house prices rose at their fastest pace in almost seven years in August and sales volumes also hit a multi-year high.
Rics said “Momentum is increasingly broad-based across the country: this isn’t just a London story. The average numbers of sold properties and properties for sale also rose strongly, suggesting sellers who had been biding their time were putting their house on the market.”
The euro came under pressure yesterday as Italy, the third biggest economy in the euro zone marked a second full year of recession after its National Institute of Statistics (Istat) reported that Italian gross domestic product (GDP) for the second quarter declined by 2.1%in 2013 compared to a year earlier, even worse than the initial prediction of a 2% year-on-year contraction.
The European Commission forecasts a 1% contraction for Italy in 2013.
Ahead of today’s 12th anniversary of the 9/11 attacks on New York’s twin towers, the US dollar made gentle headway against the majority of its peers as investors continue to mull over the prospects for Fed action at their monthly meeting next week and the latest diplomatic efforts on Syria.
Demand for the dollar was only subdued by the very strong data out of the world’s second largest economy, China which gave rise to a new bout of risk appetite to the benefit of the high yielding currencies like the Australian dollar.
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Source: moneytransfer.co.uk