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The pound holds on to its recent gains
Published: 26 Nov at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Canadian Dollar Exchange Rate, Swiss Franc Exchange Rate, Euro Crisis, UK, Inflation, France,
The pound opened the week holding on to the recent gains which saw it hit a multi-year high against the likes of the Australian and Canadian dollars and multi-month highs against the likes of the Euro and New Zealand dollars.
The British Bankers’ Association (BBA) reported yesterday that the UK housing market continues to see a pick-up as demand for personal loans has picked up with gross mortgage borrowing of £9.9 billion, up from the figure of £9.7 billion reported in October and up by 32% on the November 2012 figure.
Meanwhile, accountancy firm Deloitte UK are forecasting that UK shoppers are expected to spend some £1.4 billion more this Christmas, an overall spending increase of 3.5% to £40.3 billion this December, boosted by a 19% rise in online sales to £5 billion.
The report cited rising consumer confidence and improving economic conditions will help to lift spending this year.
The euro was hit yesterday on the news that several members of the European Central Bank (ECB) have reiterated the monetary authority's commitment to keep interest rates low with Benoît Cœuré ruling out the risk of deflation and Ardo Hannson stating that the ECB was “technically ready” for a negative deposit rate.
Fellow ECB member Christian Noyer confirmed that the ECB acted to avoid the inflation slowdown from lowering inflation expectations.
Noyer said “We see risks that inflation could remain low for some time. We will keep interest rates low for an extended period, or even lower if need be, for price stability”.
Meanwhile, Italy plans to hold a vote of confidence to pass through the 2014 budget in the same week that the government is expected expel Silvio Berlusconi from the Senate. Yesterday, Italian Parliamentary Affairs Minister Dario Franceschini confirmed that the government will call a confidence vote in order to pass the 2014 budget through the Senate later on this week.
In France, INSEE the national statistics office reported that French manufacturing sector confidence gauge remained steady in November at the 98 point mark.
The British Bankers’ Association (BBA) reported yesterday that the UK housing market continues to see a pick-up as demand for personal loans has picked up with gross mortgage borrowing of £9.9 billion, up from the figure of £9.7 billion reported in October and up by 32% on the November 2012 figure.
Meanwhile, accountancy firm Deloitte UK are forecasting that UK shoppers are expected to spend some £1.4 billion more this Christmas, an overall spending increase of 3.5% to £40.3 billion this December, boosted by a 19% rise in online sales to £5 billion.
The report cited rising consumer confidence and improving economic conditions will help to lift spending this year.
The euro was hit yesterday on the news that several members of the European Central Bank (ECB) have reiterated the monetary authority's commitment to keep interest rates low with Benoît Cœuré ruling out the risk of deflation and Ardo Hannson stating that the ECB was “technically ready” for a negative deposit rate.
Fellow ECB member Christian Noyer confirmed that the ECB acted to avoid the inflation slowdown from lowering inflation expectations.
Noyer said “We see risks that inflation could remain low for some time. We will keep interest rates low for an extended period, or even lower if need be, for price stability”.
Meanwhile, Italy plans to hold a vote of confidence to pass through the 2014 budget in the same week that the government is expected expel Silvio Berlusconi from the Senate. Yesterday, Italian Parliamentary Affairs Minister Dario Franceschini confirmed that the government will call a confidence vote in order to pass the 2014 budget through the Senate later on this week.
In France, INSEE the national statistics office reported that French manufacturing sector confidence gauge remained steady in November at the 98 point mark.
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Source: moneytransfer.co.uk