Although a report issued by GfK NOP Ltd revealed that UK consumer confidence advanced to its strongest level for over two years the Pound slipped against the Euro this morning as the common currency was boosted by its own positive domestic news.
The Pound Sterling Exchange Rate was in the region of 1.1680 against the Euro as of 10:20 GMT
1 Euro is currently worth 85.65 pence
The UK confidence index crept up by one point, reaching minus 21 for the first time since May 2011.
The report also detailed a two point gain in a gauge of the economic outlook for the coming year, which advanced to minus 16, and a 5 point jump in a measure of whether now is a good time to make serious purchases.
In response to the data GfK Managing Director Nick Moon stated: ‘The overall trend in confidence over the last year is clearly upwards. So the paradox is that while we are getting worse and worse off, we are feeling more positive.’
Meanwhile, a separate report showed that after six consecutive quarters of declines, productivity in the UK was unchanged in the first quarter. The Office for National Statistics revealed a 0.3 per cent gain in services productivity and a 0.4 per cent decline in manufacturing productivity.
The Pound to Euro Exchange Rate hit a low of 1.1652
The ONS also stated that the UK’s service industries grew by 0.2 per cent in April, up 2 per cent on the previous year. Quarter-on-quarter services industries expanded by 0.8 per cent.
The 0.5 per cent first quarter gain in services was slightly lower than estimated.
None of this news had much effect on the Pound’s exchange rate against its major counterparts.
Earlier today a Nationwide house price report showed that Britain’s house prices climbed by 0.3 per cent this month, slightly shy of the 0.4 per cent estimate.
The Pound was knocked yesterday after UK data showed that the nation’s disposable income plunged by the most for over 25 years and the GBP/EUR pairing was adversely affected today as the Euro broadly strengthened in response to a better-than-forecast gain in German retail sales.
Additional Pound to Euro movement could result from the release of German inflation figures.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5233 <
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1675 <
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6481 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9548 <
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6563 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8565 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6071 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5119 >
(As of 10:20 GMT)
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