January blues, Dismal weather, poor 4Q GDP figures and the disappointment of Brit Andy Murray just missing out on winning the Australian Open has left the UK with little to smile about in recent days, so any good news (no matter how small) makes a welcome change.
Tomorrow sees the release of UK mortgage approval data for December and, despite the present strains on the economy, industry experts have forecast that the figure will come in modestly higher than the previous month.
In November mortgage approvals stood at 54,000. Economists predict that this number will have risen to 54,500 in December.
This news allowed the Pound to break away from a recent run of declines against the Euro and experience a very slight rebound.
Sterling’s minor advance of 0.2 per cent on the common currency comes after the Pound dropped to a thirteen-month low against its European rival during trade yesterday.
The Pound’s declines were exacerbated by comments made by future Bank of England Governor Mark Carney. Carney, who steps down as Governor of the Bank of Canada to take the British position, asserted that globally central banks have the scope to implement additional monetary easing if economic concerns require it.
After tomorrow the next piece of potentially volatile UK economic news comes on Friday in the form of manufacturing PMI figures for January, but significant movement can be expected following the release of key economic indicators for the Eurozone, including the latest batch of employment figures.
Additional signs of strength returning to the Eurozone could see the Pound fall notably against the Euro in the days ahead.
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1683
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5711
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.5036
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8795
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5805
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.7701
The Pound Sterling to Swiss Franc is currently trading at 1.4527
The Pound Sterling to Japanese Yen exchange rate is currently trading at 142.3900
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