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Money Transfers to Canada: Pound Sterling Best Level vs Canadian Dollar Since February 2010
Published: 29 Oct at 9 AM Tags: Pound Sterling, Dollar Exchange Rate, Australian Dollar Exchange Rate, Currency Exchange, UK, Economy,
The Pound Sterling found fresh support yesterday after property tracking firm Hometrack reported that average UK asking house prices rose by 0.5% in October on the back of a pick-up in demand from buyers and a decline in the supply of houses. This is the ninth straight month Hometrack have reported a rise in UK house prices.
Richard Donnell, Director of Research at Hometrack said "House prices grew by 0.5% in October driven by a widening gap between supply and demand and above average growth in prices in London and the South East. A chronic lack of supply is driving price growth. The supply of homes for sale fell by 1.6% in the month following a 0.3% decline in September. Growth in new sales being agreed is running at 4-5% per month and this is continually eroding the stock of homes for sale. In contrast, levels of demand have grown by 3% in the last two months. Improving confidence amongst buyers has been fuelled by low mortgage rates and positive news on a recovering housing market."
Meanwhile, the Ernst & Young Item Club reported a rise in consumer credit in the UK in October for the first time since the recession. This was largely put down to a rise in consumer confidence. The study showed that consumers are finally prepared to take on credit than at any other time in the last five years which is helping to drive the economy towards improvement.
On a more cautionary note, Monetary Policy Committee member and Bank of England chief economist Spencer Dale said yesterday that monetary "tightening will be slower than in previous recoveries" and that the option of a further expansion in the Bank of England bond buying program, commonly known as quantitative easing is still ‘firmly on the table’.
In the US, ahead of Wednesday’s Federal Reserve policy announcement, the economic data released yesterday did nothing to change the expectation that the Fed will continue to adopt a ‘wait and see’ approach with both the latest manufacturing data and pending home sales (PHI) figures coming in well below market forecasts.
The National Association of Realtors’ (NAR) pending home sales index (PHI) declined for the fourth month in a row in September as higher mortgage interest rates and higher home prices combined to curb buying power.
In Australia , the dollar fell to the lowest in nearly two weeks after Reserve Bank Governor Glenn Stevens said the currency could be “materially lower” in the future.
Overnight, China’s central bank confused the market with two contradictory policy moves. On the one hand, it injecting fresh liquidity into the financial system for the first time in two weeks to allay fears of a ‘liquidity crunch’ but then promptly raised interest rates to a higher level in a signal of mild monetary tightening.
Richard Donnell, Director of Research at Hometrack said "House prices grew by 0.5% in October driven by a widening gap between supply and demand and above average growth in prices in London and the South East. A chronic lack of supply is driving price growth. The supply of homes for sale fell by 1.6% in the month following a 0.3% decline in September. Growth in new sales being agreed is running at 4-5% per month and this is continually eroding the stock of homes for sale. In contrast, levels of demand have grown by 3% in the last two months. Improving confidence amongst buyers has been fuelled by low mortgage rates and positive news on a recovering housing market."
Meanwhile, the Ernst & Young Item Club reported a rise in consumer credit in the UK in October for the first time since the recession. This was largely put down to a rise in consumer confidence. The study showed that consumers are finally prepared to take on credit than at any other time in the last five years which is helping to drive the economy towards improvement.
On a more cautionary note, Monetary Policy Committee member and Bank of England chief economist Spencer Dale said yesterday that monetary "tightening will be slower than in previous recoveries" and that the option of a further expansion in the Bank of England bond buying program, commonly known as quantitative easing is still ‘firmly on the table’.
In the US, ahead of Wednesday’s Federal Reserve policy announcement, the economic data released yesterday did nothing to change the expectation that the Fed will continue to adopt a ‘wait and see’ approach with both the latest manufacturing data and pending home sales (PHI) figures coming in well below market forecasts.
The National Association of Realtors’ (NAR) pending home sales index (PHI) declined for the fourth month in a row in September as higher mortgage interest rates and higher home prices combined to curb buying power.
In Australia , the dollar fell to the lowest in nearly two weeks after Reserve Bank Governor Glenn Stevens said the currency could be “materially lower” in the future.
Overnight, China’s central bank confused the market with two contradictory policy moves. On the one hand, it injecting fresh liquidity into the financial system for the first time in two weeks to allay fears of a ‘liquidity crunch’ but then promptly raised interest rates to a higher level in a signal of mild monetary tightening.
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Source: moneytransfer.co.uk