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The pound hits a new 18 month high against the Euro
Published: 10 Jun at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Forex, Euro Crisis, UK,
The pound was trading yesterday at its highest level against the Euro for 18 months after the stream of good economic data out of the UK continued with a survey from industry group EEF and accountants BDO which showed that UK manufacturers are optimistic about their growth prospects over the next three months. So much so that UK manufacturers are at their most upbeat than at any time since the early days of the financial crisis.
The report showed that growth over the last three months was boosted mainly by domestic demand as export orders did not materialise as hoped earlier this year but 34% of manufacturers saw an improvement in output growth in the next three months, the highest since the third quarter of 2007 and up slightly from the previous survey.
In a separate survey, Lloyds Bank reported that the net balance of consumers anticipating an increase in UK interest rates over the next 12 months rose by seven points to 59% in May, its highest reading since June 2011.
Thus, the share of households anticipating a pick-up in rates jumped to 64% from 58% in April, while the share envisaging a decline eased by one point to 5%.
Meanwhile, speculation is rising that the Chancellor will use a speech on Thursday in the Mansion House in the City of London to tell UK builders that they are to get new incentives to make it easier for them to build on derelict sites in towns and cities to spare the green belt.
Abroad, in a further boost to risk appetite that has seen the FTSE-100 index in London reach just shy of a 14 year high and 2 of the 3 indexes in New York hit all time high’s, the latest data from China showed that exports of Chinese goods expanded at a 7% year-on-year pace in May, up from a 0.9% increase in April.
The improvement in exports was particularly evident in sales to Hong Kong and Taiwan with sales to the US and European Union are still expanding at a quicker pace than throughout much of the past two years.
The Chinese trade surplus thus increased notably in May to reach $35.9 billion, up from $18.5 billion in April.
Imports, on the other hand, slipped to a 1.6% pace when compared with the same month a year ago, versus a 0.9% rise in April.
The report showed that growth over the last three months was boosted mainly by domestic demand as export orders did not materialise as hoped earlier this year but 34% of manufacturers saw an improvement in output growth in the next three months, the highest since the third quarter of 2007 and up slightly from the previous survey.
In a separate survey, Lloyds Bank reported that the net balance of consumers anticipating an increase in UK interest rates over the next 12 months rose by seven points to 59% in May, its highest reading since June 2011.
Thus, the share of households anticipating a pick-up in rates jumped to 64% from 58% in April, while the share envisaging a decline eased by one point to 5%.
Meanwhile, speculation is rising that the Chancellor will use a speech on Thursday in the Mansion House in the City of London to tell UK builders that they are to get new incentives to make it easier for them to build on derelict sites in towns and cities to spare the green belt.
Abroad, in a further boost to risk appetite that has seen the FTSE-100 index in London reach just shy of a 14 year high and 2 of the 3 indexes in New York hit all time high’s, the latest data from China showed that exports of Chinese goods expanded at a 7% year-on-year pace in May, up from a 0.9% increase in April.
The improvement in exports was particularly evident in sales to Hong Kong and Taiwan with sales to the US and European Union are still expanding at a quicker pace than throughout much of the past two years.
The Chinese trade surplus thus increased notably in May to reach $35.9 billion, up from $18.5 billion in April.
Imports, on the other hand, slipped to a 1.6% pace when compared with the same month a year ago, versus a 0.9% rise in April.
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Source: moneytransfer.co.uk