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Pound Sterling to US Dollar Exchange goes beyond two year high
Published: 27 Dec at 12 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Swiss Franc Exchange Rate, Euro Crisis, UK, Economy, Spain, France,
The Pound managed to climb to its strongest level in over two-years against the US Dollar as speculation grows that the UK economy will become one of the strongest Western economies over the next few years.
The Pound received support as optimism continues to be high for the economy and as the Centre for Economic and Business Research (CEBR) added to that sense of optimism by saying that it believes that the UK could overtake Germany as Europe’s biggest economy by 2030. The CEBR also believes that it will overtake France as the world’s fifth-largest economy within five years,
Data due for release next week is expected to show that the UK house market has seen further support. Prices are expected to show another month of rises. The continuing strong performance of the UK housing market and the continuing decline in the number UK citizens unemployed is supporting the economy.
“We expect the economic recovery in the UK to continue at a solid pace next year, driven by fixed investment and underlying domestic demand, that should be supportive for the Pound,” said a senior currency strategist at UBS.
The Pound could weaken in the New Year however as some economists see the strong Pound as a potential threat to the UK’s economic recovery. A strong currency negatively impacts on exports and would put off tourists coming to the UK.
Against the Euro the US Dollar and Pound softened following the publication of better-than-expected data out of Spain and France.
The Pound received support as optimism continues to be high for the economy and as the Centre for Economic and Business Research (CEBR) added to that sense of optimism by saying that it believes that the UK could overtake Germany as Europe’s biggest economy by 2030. The CEBR also believes that it will overtake France as the world’s fifth-largest economy within five years,
Data due for release next week is expected to show that the UK house market has seen further support. Prices are expected to show another month of rises. The continuing strong performance of the UK housing market and the continuing decline in the number UK citizens unemployed is supporting the economy.
“We expect the economic recovery in the UK to continue at a solid pace next year, driven by fixed investment and underlying domestic demand, that should be supportive for the Pound,” said a senior currency strategist at UBS.
The Pound could weaken in the New Year however as some economists see the strong Pound as a potential threat to the UK’s economic recovery. A strong currency negatively impacts on exports and would put off tourists coming to the UK.
Against the Euro the US Dollar and Pound softened following the publication of better-than-expected data out of Spain and France.
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Source: moneytransfer.co.uk