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Money Transfers to USA: GBP/USD at its highest level since November 2009
Published: 18 Feb at 12 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy, Inflation,
The pound remains at its highest level against the US dollar since November 2009 on an otherwise quiet start to the trading week with the US markets closed for the Presidents Day holiday.
In the UK, property website Rightmove reported that UK house prices rose in February as demand continues to outpace supply with the average asking price of a home in the UK now reaching £251.964 in January, an increase of 3.3% and the strongest monthly increase since October 2012.
In addition, the Rightmove data shows that year on year prices are up 6.9% from February 2013, the sharpest gain since November 2007.
Miles Shipside, Rightmove’s director and Housing Market Analyst commented that “The market rebound continues. New sellers are now asking over £16,000 more than those who came to market a year ago, a rate of increase not seen since before the credit-crunch took hold in 2008. Supply and demand imbalances remain and are getting worse in many markets, as a result of years of under-provision of additional housing stock, especially in the areas where the local economy and employment are strong".
Meanwhile, Bank of England Monetary Policy Committee (MPC) member David Miles has warned borrowers to start anticipating the impact of a rise in interest rates. Miles, an external member of the MPC said that homeowners “need to think very carefully what’s going to happen” when their mortgage costs go up but conceded that any decision to cool soaring house prices with higher interest rates would be a “big stick” to be used only in an emergency
Otherwise, market sentiment has improved after a much better than expected data out on Saturday from China.
In the euro zone, Italy’s President, Giorgio Napolitano gave Matteo Renzi, the head of the country’s centre-left Democratic party, a mandate to form a new government. This will be Italy’s third government in the last 12 months.
Today sees the start of a run of four straight days of tier one economic data out of the UK starting with UK inflation data which is due for release later on this morning.
In the UK, property website Rightmove reported that UK house prices rose in February as demand continues to outpace supply with the average asking price of a home in the UK now reaching £251.964 in January, an increase of 3.3% and the strongest monthly increase since October 2012.
In addition, the Rightmove data shows that year on year prices are up 6.9% from February 2013, the sharpest gain since November 2007.
Miles Shipside, Rightmove’s director and Housing Market Analyst commented that “The market rebound continues. New sellers are now asking over £16,000 more than those who came to market a year ago, a rate of increase not seen since before the credit-crunch took hold in 2008. Supply and demand imbalances remain and are getting worse in many markets, as a result of years of under-provision of additional housing stock, especially in the areas where the local economy and employment are strong".
Meanwhile, Bank of England Monetary Policy Committee (MPC) member David Miles has warned borrowers to start anticipating the impact of a rise in interest rates. Miles, an external member of the MPC said that homeowners “need to think very carefully what’s going to happen” when their mortgage costs go up but conceded that any decision to cool soaring house prices with higher interest rates would be a “big stick” to be used only in an emergency
Otherwise, market sentiment has improved after a much better than expected data out on Saturday from China.
In the euro zone, Italy’s President, Giorgio Napolitano gave Matteo Renzi, the head of the country’s centre-left Democratic party, a mandate to form a new government. This will be Italy’s third government in the last 12 months.
Today sees the start of a run of four straight days of tier one economic data out of the UK starting with UK inflation data which is due for release later on this morning.
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Source: moneytransfer.co.uk