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The pound enjoys another good day against both the euro and the dollar
Published: 10 Apr 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, Euro Crisis, UK, Economy,
The pound rose again against both the euro and the US dollar but continues to come off against the high-yielding currencies like the Australian and New Zealand dollars as risk appetite makes a return to the financial markets.
The pound also found support from the latest property market survey from the Royal Institute of Chartered Surveyors (RICS) which showed that the UK’s property market recorded the highest level of sales in more six years over the first quarter of 2014.
Encouragingly, the whole of the UK market and not just London is showing signs of strength.
In addition, the Office for National Statistics (ONS) reported that the UK’s external trade deficit in goods and services decreased slightly in February from the £2.2 billion figure reported in January to £2.1 billion.
The ONS report also highlights how over the last three months the total trade deficit has been reduced to £4.8 billion, versus £8.7 billion in the previous quarter.
The US dollar fell last night to trade at a two week low against other major currencies after the publication of the minutes from the Federal Reserve’s March meeting suggested a much more ‘dovish’ stance by the Fed than had been anticipated.
The minutes showed that the Fed is not in any hurry to increase interest rates, stating that they would wait for a 'considerable time' after winding up its quantitative easing bond-buying programme before increasing rates.
Fed Chair Janet Yellen explained at her press statement that the 'considerable time' was equal to around 'six months' and also confirmed that the US economy is healing from the scars of the Lehman Brothers credit crunch and subsequent world-wide recession.
The euro cam under pressure after Professor Charles Wyplosz of Geneva University state that the euro zone sovereign debt crisis is deepening and threatens to re-erupt on a larger scale when the liquidity cycle turns in a clash of views with German officials in Berlin. Wyplosz said "Debts above 130% of GDP for Italy and 170% for Greece are a recipe for disaster once we go into the next downturn".
The Canadian dollar strengthened after crude oil prices advanced to their highest level in five weeks yesterday on ongoing geopolitical worries.
The pound also found support from the latest property market survey from the Royal Institute of Chartered Surveyors (RICS) which showed that the UK’s property market recorded the highest level of sales in more six years over the first quarter of 2014.
Encouragingly, the whole of the UK market and not just London is showing signs of strength.
In addition, the Office for National Statistics (ONS) reported that the UK’s external trade deficit in goods and services decreased slightly in February from the £2.2 billion figure reported in January to £2.1 billion.
The ONS report also highlights how over the last three months the total trade deficit has been reduced to £4.8 billion, versus £8.7 billion in the previous quarter.
The US dollar fell last night to trade at a two week low against other major currencies after the publication of the minutes from the Federal Reserve’s March meeting suggested a much more ‘dovish’ stance by the Fed than had been anticipated.
The minutes showed that the Fed is not in any hurry to increase interest rates, stating that they would wait for a 'considerable time' after winding up its quantitative easing bond-buying programme before increasing rates.
Fed Chair Janet Yellen explained at her press statement that the 'considerable time' was equal to around 'six months' and also confirmed that the US economy is healing from the scars of the Lehman Brothers credit crunch and subsequent world-wide recession.
The euro cam under pressure after Professor Charles Wyplosz of Geneva University state that the euro zone sovereign debt crisis is deepening and threatens to re-erupt on a larger scale when the liquidity cycle turns in a clash of views with German officials in Berlin. Wyplosz said "Debts above 130% of GDP for Italy and 170% for Greece are a recipe for disaster once we go into the next downturn".
The Canadian dollar strengthened after crude oil prices advanced to their highest level in five weeks yesterday on ongoing geopolitical worries.
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Source: moneytransfer.co.uk