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The pound reaches a multi-year high against the US dollar
Published: 14 Feb at 10 AM Tags: Pound Sterling, Dollar Exchange Rate, UK, Economy,
The pound climbed to close within a whisker from a 3 year high against the US dollar yesterday as markets digested the improved outlook for the UK economy as featured in the latest Bank of England (BoE) forecast published on Wednesday.
The pound has now risen more than 13% against the dollar since July 2013 as the markets factor in the generally positive economic data and stronger-than-expected growth forecasts.
Meanwhile, the Royal Institute of Chartered Surveyors (RICS) reported yesterday that demand continued to outstrip supply in the UK housing market during January, pushing prices higher although a ‘spring bounce’ in the latter is expected by some surveyors.
In addition, the Bank of England’s Chief Economist Spencer Dale said in a radio interview yesterday that market forecasts that UK interest rates will remain on hold until about the spring of next year and then rise to around 2% by the end of 2016 seem “reasonable”,.
The US dollar lost ground yesterday after worse than expected US economic data.
The US Department of Commerce reported that US retail sales slipped by 0.4% in January whereas most analysts expected an unchanged figure for the month.
Also, US Department of Labor reported that the initial weekly unemployment claims for the week ended on February 8th increased by 8,000 to reach 339,000, a much higher figure than had been expected.
The pound has now risen more than 13% against the dollar since July 2013 as the markets factor in the generally positive economic data and stronger-than-expected growth forecasts.
Meanwhile, the Royal Institute of Chartered Surveyors (RICS) reported yesterday that demand continued to outstrip supply in the UK housing market during January, pushing prices higher although a ‘spring bounce’ in the latter is expected by some surveyors.
In addition, the Bank of England’s Chief Economist Spencer Dale said in a radio interview yesterday that market forecasts that UK interest rates will remain on hold until about the spring of next year and then rise to around 2% by the end of 2016 seem “reasonable”,.
The US dollar lost ground yesterday after worse than expected US economic data.
The US Department of Commerce reported that US retail sales slipped by 0.4% in January whereas most analysts expected an unchanged figure for the month.
Also, US Department of Labor reported that the initial weekly unemployment claims for the week ended on February 8th increased by 8,000 to reach 339,000, a much higher figure than had been expected.
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Source: moneytransfer.co.uk