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Pound Euro exchange rate GBP EUR recovers strongly
Published: 1 Nov at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy, Inflation,
The pound made a strong recovery against the euro yesterday, gaining over1% on the day’s trading after the Nationwide reported that UK house prices rose at their fastest annual pace in more than three years in October.
The Nationwide reported that UK house prices climbed by 5.8% year-on-year in October after a 5% increase in September. This is the biggest annual rise since July 2010.
Nationwide Chief Economist Robert Gardner said prices were boosted by government schemes including Help to Buy and Funding for Lending, which have improved the availability and has lowered the cost of credit.
Gardner said “The UK housing market appears to be following the more resilient upward trend evident in the wider economy in recent quarters. Nevertheless, while house price growth has picked up, at a national level prices remain around 7% below their 2007 peak.”
The euro itself suffered sharp reversal of fortune yesterday, losing over 1% on the day’s trading against both the pound and the US dollar. Analysts now predict that the European Central Bank (ECB) will be under pressure next week to cut interest rates in the euro zone after data showed a sharp drop-off in the rate of inflation
Data from Eurostat, the European Union's statistics office out yesterday showed that euro zone inflation dropped unexpectedly in October and unemployment stood at a record high in September. The consumer price index fell to 0.7% in October, down from 1.1% in September and the unemployment rate came in unchanged at 12.2% for September, in line with the figure for August. According to Eurostat, another 60,000 Europeans were unemployed in September bringing the total number of jobless to a total of 19.45 million with youth unemployment, for those aged under 25, still rising to 24.1% from the 24.0% registered in August.
In further bad news for the euro zone, the euro zone's largest economy Germany reported yesterday that retail sales unexpectedly fell amidst weakening consumer confidence.
Data showed that German retail sales for September unexpectedly fell by 0.4% from September.
In addition, the German GfK consumer confidence survey for the month of November unexpectedly dropped from 7.1 to 7.0.
The Nationwide reported that UK house prices climbed by 5.8% year-on-year in October after a 5% increase in September. This is the biggest annual rise since July 2010.
Nationwide Chief Economist Robert Gardner said prices were boosted by government schemes including Help to Buy and Funding for Lending, which have improved the availability and has lowered the cost of credit.
Gardner said “The UK housing market appears to be following the more resilient upward trend evident in the wider economy in recent quarters. Nevertheless, while house price growth has picked up, at a national level prices remain around 7% below their 2007 peak.”
The euro itself suffered sharp reversal of fortune yesterday, losing over 1% on the day’s trading against both the pound and the US dollar. Analysts now predict that the European Central Bank (ECB) will be under pressure next week to cut interest rates in the euro zone after data showed a sharp drop-off in the rate of inflation
Data from Eurostat, the European Union's statistics office out yesterday showed that euro zone inflation dropped unexpectedly in October and unemployment stood at a record high in September. The consumer price index fell to 0.7% in October, down from 1.1% in September and the unemployment rate came in unchanged at 12.2% for September, in line with the figure for August. According to Eurostat, another 60,000 Europeans were unemployed in September bringing the total number of jobless to a total of 19.45 million with youth unemployment, for those aged under 25, still rising to 24.1% from the 24.0% registered in August.
In further bad news for the euro zone, the euro zone's largest economy Germany reported yesterday that retail sales unexpectedly fell amidst weakening consumer confidence.
Data showed that German retail sales for September unexpectedly fell by 0.4% from September.
In addition, the German GfK consumer confidence survey for the month of November unexpectedly dropped from 7.1 to 7.0.
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Source: moneytransfer.co.uk