The Pound Sterling to US Dollar exchange rate was 1.5794 as of 11:10 am
Snippets of good news are like buses; you wait flipping ages for one then two lots come along at once – and not before time.
Morale in the UK’s been a bit low recently, what with poor 4Q GDP figures and that horse-burger debacle, but after yesterday’s positive mortgage approvals data things are starting to look up.
Hot on the heels of yesterday’s upbeat figures were reports detailing a better-than-expected increase in UK consumer confidence and house price rises in January
The consumer confidence index, compiled by GfK NOP Ltd, showed an increase from minus 29 to minus 26. Meanwhile, Nationwide Building Society asserted that the average home cost rose by 0.5 per cent in January from December.
As one analyst commented: ‘The improvement in consumer confidence and recent data, particularly bank lending, suggested that perhaps the Bank of England’s policy is starting to feed through into the real economy. That should make sentiment toward the Pound less negative, given that it was battered lately.’
Following the news the Pound did indeed attempt to fight back against the currency rivals who have pushed it down over the past few weeks, and the British currency advanced on the majority of its counterparts.
After sinking to its lowest level since December 2011 Sterling posted modest gains against the Euro and even slighter gains against a broadly softening US Dollar.
Although these latest statistics appear to indicate that the Bank of England’s credit-easing program is helping to trigger lending, the Pound’s upward movement was tempered by yet another positive data release for the Eurozone, this time in the form of an unexpected drop in German unemployment.
With German CPI and US jobless claims data scheduled for publication this afternoon the Pound can expect volatility in the hours ahead.
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1652
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5794
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.5157
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8841
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5830
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.8003
The Pound Sterling to Swiss Franc is currently trading at 1.4403
The Pound Sterling to Japanese Yen exchange rate is currently trading at 143.7700
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