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Money Transfers: Pound Sterling Reaches New 9 month High
Published: 1 Oct at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Euro Crisis, UK, Inflation,
The Pound Sterling reached a new nine month high against the Euro yesterday on the back of better than expected data and the worsening political situation in Italy.
Property analysis firm Hometrack reported yesterday that UK house prices in England and Wales rose by another 0.5% month-on-month in September and are now up by 2.4% since September 2012, the biggest month-on-month gain since May 2007.
Meanwhile, the Bank of England reported that UK mortgage approvals for house purchases rose to the highest level in more than five years in August in a further sign of a recovery in the UK housing market, supported by government schemes such as Help to Buy.
The Bank of England played down talk of a housing bubble as activity remains well below the pre-recession level.
In addition, YouGov reported that a recent survey showed that the expected rate of inflation over the next twelve months for the UK has fallen to 2.5%in September from 2.6% in August and that inflation expectations for the next five to ten years also fell from 3.4% to 3.3%. Both figures are close to their long-run averages.
The data supported the pound which reached a new 9 month high against both the euro and the US dollar.
The euro was hit by the fresh political turmoil in Italy with all the members of Si9lvio Berlusconi’s party resigning from the coalition government.
In the US, the dollar continues to fall as the US government begins its first shutdown in 16 years. With the new fiscal year starting today, House Republicans and Senate Democrats failed to reach agreement before yesterday’s midnight deadline.
In the next three weeks, they will also have to agree or otherwise to extend the current debt-ceiling limit of $16.7 trillion.
Property analysis firm Hometrack reported yesterday that UK house prices in England and Wales rose by another 0.5% month-on-month in September and are now up by 2.4% since September 2012, the biggest month-on-month gain since May 2007.
Meanwhile, the Bank of England reported that UK mortgage approvals for house purchases rose to the highest level in more than five years in August in a further sign of a recovery in the UK housing market, supported by government schemes such as Help to Buy.
The Bank of England played down talk of a housing bubble as activity remains well below the pre-recession level.
In addition, YouGov reported that a recent survey showed that the expected rate of inflation over the next twelve months for the UK has fallen to 2.5%in September from 2.6% in August and that inflation expectations for the next five to ten years also fell from 3.4% to 3.3%. Both figures are close to their long-run averages.
The data supported the pound which reached a new 9 month high against both the euro and the US dollar.
The euro was hit by the fresh political turmoil in Italy with all the members of Si9lvio Berlusconi’s party resigning from the coalition government.
In the US, the dollar continues to fall as the US government begins its first shutdown in 16 years. With the new fiscal year starting today, House Republicans and Senate Democrats failed to reach agreement before yesterday’s midnight deadline.
In the next three weeks, they will also have to agree or otherwise to extend the current debt-ceiling limit of $16.7 trillion.
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Source: moneytransfer.co.uk